Remodeled Two-Unit
For Sale
$825,000
Pending
1971 - 1973 ENSENADA, Lemon Grove, CA 91945
Residential Income, Lemon Grove, CA
Property Size1,640 SF
Lot Size0.14 Acres
Days on Market40
Property Features for 1971 - 1973 ENSENADA
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Subdivision
LEMON GROVE
Standard status
Pending
APN
576-233-01-00
Size
1,640 SF
Lot size
0.14 Acres
Utilities
Heating system
Gravity
Cooling system
Wall/Window Unit(s)
Amenities
private yards
washer/dryer inside units
granite counters
tile showers
dual pane windows
tile/LVP flooring
ceiling fans
vinyl fencing
newer asphalt driveway
Building Details
Year built
1977
Number of units
2
Roof type
Rolled Hot Mop
Listing Agency:
Cal State Realty Services
(858) 312-4905
Listed By:
Justin B Roberts · License #01294574
(619) 851-1677
Added: Aug 13
Changed: Sep 13
Last Checked: Sep 21 at 10:06AM
MLS# 260019785
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,640 square feet, with each residence offering two bedrooms, 1 1/2 baths, and 820 square feet. Both units received matching remodels 9 years ago and include granite countertops, tiled shower surrounds, tile or LVP flooring, dual-pane windows, and ceiling fans throughout. Washers and dryers are located inside the units, while private yards and vinyl fencing serve the exterior. The property was built in 1977 and uses gravity heating with wall/window unit cooling.
Set back from the road along a long driveway, the duplex includes a newer asphalt drive and substantial on-site parking. The 0.1374-acre parcel is zoned R-2 and sits in Lemon Grove in an area described as primarily single-family residential. Both units are occupied by long-term tenants.
Set back from the road along a long driveway, the duplex includes a newer asphalt drive and substantial on-site parking. The 0.1374-acre parcel is zoned R-2 and sits in Lemon Grove in an area described as primarily single-family residential. Both units are occupied by long-term tenants.
Key Highlights
- Two‑unit duplex with 1,640 square feet total
- Each unit has 2 bedrooms, 1 1/2 baths, and 820 square feet
- Both units remodeled 9 years ago with matching finishes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,384
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$587,680
$587.7K
Cap Rate 7%
$419,771
$419.8K
Cap Rate 9%
$326,489
$326.5K
Market Conditions
NOI Build-Up for 1,640 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.3K $27.00/SF
− Vacancy
−$2.3K −$1.40/SF
EGI
$42.0K $25.60/SF
− OpEx
−$12.6K −$7.68/SF
NOI
$29.4K $17.92/SF
Area
San Diego County, CA
Vacancy
5.20%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$587,680
Cap Rate 7%
$419,771
Cap Rate 9%
$326,489
Alternative Uses
Best Use
Multifamily LT 5
$419.8K
$367.3K – $489.7K
NOI $29,384 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$389.3K
$340.6K – $454.2K
NOI $27,249 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$751.4K
$657.5K – $876.6K
NOI $52,598 @ 7.0% cap · market cap 6.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 91945, CA
27,814
Population
9,715
Households
2.9
Avg Household Size
38
Median Age
20%
College-Educated
89%
High-School Grad
4.0 sq mi
ZIP Area
6,954
Density / Sq Mi
$79,381
Median Household Income
$41,727
Median Earnings
$1,769
Median Rent
$640,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences provide private yards, in-unit laundry, and dedicated parking in a primarily single-family setting.
Where is this duplex located?
The property is located at 1971 - 1973 ENSENADA Lemon Grove, CA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,640 square feet total; Each unit has 2 bedrooms, 1 1/2 baths, and 820 square feet; Both units remodeled 9 years ago with matching finishes
