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    Ocean Beach Triplex Near Pier Title is generated by Realmo AI

    4985-89 Narragansett Ave, San Diego, CA 92107

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    For Sale
    $2,495,000

    MULTI_FAMILY - San Diego, CA

    Property size:
    1,900 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $1,313/SF
    Added:
    Jan 1, 2026
    Days on Market:
    149
    Last Refresh:
    May 30 at 11:06 am

    Property Features for 4985-89 Narragansett Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 4
    Exterior features
    Corner Lot, Public Street, Sidewalks, Street Paved, West of I-5
    Standard status
    Active
    APN
    4481723000
    Size
    1,900 SF
    Lot size
    0.14 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1948
    Floors in Building
    1
    Number of units
    3
    Roof type
    Composition

    We can help!

    Listing Contact
    Natalie M Harris
    Natalie M Harris

    Listing agent Natalie M Harris License #01270748

    Listing office Coldwell Banker West 2920 Canon St., Chula Vista, CA

    Listing date Jan 1, 2026

    MLS# 250046347 Listing URL

    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.

    HighLights

    • Prime location: Extremely close proximity to beaches, pier, live music, restaurants, and shopping.
    • Triplex with three units: Includes one 2‑bedroom/2‑bath unit and two 1‑bedroom/1‑bath units.
    • Income potential: Opportunity for short‑term rentals.
    • Individual units: Each unit has direct entry, a private yard, and independent electric meters.
    • Parking: Includes two one‑car garages and three on‑site parking spaces.
    • Upgrades: Features upgraded windows and granite counters.

    Overview

    This triplex is located in South Ocean Beach, San Diego, a short distance from beaches and the pier, and close to live music, restaurants, and shopping. The property features three units: one 2-bedroom, 2-bath unit, and two 1-bedroom, 1-bath units. Each unit has a direct entry and a private yard. Upgraded windows and granite counters are present throughout. The property includes independent electric meters for each unit, along with two one-car garages and three on-site parking spaces. Nearby attractions include Robb Sports Field, Dog Beach, and Sunset Cliffs. San Diego International Airport, Balboa Park, Mission Bay, Mission Beach, La Jolla Shores, and Torrey Pines Hiking & Golf Courses are a short drive away. The lot size is 0.1377 acres and the property size is 1900 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.25245
    Latitude
    32.7449

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    FAQs

    What type of property is this?
    Triplex - Triplex near beaches, pier, restaurants, and shopping in San Diego.
    Where is this triplex located?
    The property is located at 4985-89 Narragansett Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $2,495,000.
    What are key features of this property?
    This property features: Prime location: Extremely close proximity to beaches, pier, live music, restaurants, and shopping.; Triplex with three units: Includes one 2‑bedroom/2‑bath unit and two 1‑bedroom/1‑bath units.; Income potential: Opportunity for short‑term rentals.
    (619) 847-4241
    We can help!
    Listing Contact
    Natalie M Harris
    Natalie M Harris
    Real Estate License ID: 01270748
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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