Vacant Six-Unit Apartment
For Sale
$2,200,000
1029-33 Hayes Ave, San Diego, CA 92103
All residences are delivered vacant, offering control over future leasing and unit improvement plans.
Property Size4,338 SF
Price / SF$507.15
Days on Market17
Property Features for 1029-33 Hayes Ave
General Information
Standard status
Active
Size
4,338 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Utilities to Site
Yes
Building Details
Buildings
1
Listing Agency:
ENG Properties
Listed By:
Katy Sullivan katy@engproperties.com
Source:
Viewsandiegorealestate
Added: Aug 30
Changed: Sep 10
Last Checked: Sep 14 at 12:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ENG Properties
Investment Insights
Based on property information with market context.
This 4,338-square-foot apartment building contains six one-bedroom, one-bath units, all delivered vacant. Mid-century details include vaulted open-beam ceilings, while each residence has individually metered utilities. The roof was replaced approximately in 2018, and four water heaters were replaced approximately in 2023, according to the seller.
The property is positioned in central San Diego within the Mission Hills and University Heights corridor, with Hillcrest, Mission Hills, and North Park identified as nearby submarkets. It was owned and occupied by a nonprofit religious organization beginning in 1993 and was not previously operated as a conventional rental property, so no rental history exists. The property offers a six-unit configuration with a vacant delivery and existing building improvements for a new ownership plan.
The property is positioned in central San Diego within the Mission Hills and University Heights corridor, with Hillcrest, Mission Hills, and North Park identified as nearby submarkets. It was owned and occupied by a nonprofit religious organization beginning in 1993 and was not previously operated as a conventional rental property, so no rental history exists. The property offers a six-unit configuration with a vacant delivery and existing building improvements for a new ownership plan.
Key Highlights
- Six one‑bedroom, one‑bath units delivered vacant
- 4,338‑square‑foot apartment building
- Vaulted open‑beam ceilings with mid‑century character
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
$71,699
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
3.26%
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%
$1,433,980
$1.4M
Cap Rate 7%
$1,024,271
$1.0M
Cap Rate 9%
$796,656
$796.7K
Market Conditions
NOI Build-Up for 4,338 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
$137.9K $31.80/SF
− Vacancy
−$7.6K −$1.75/SF
EGI
$130.4K $30.05/SF
− OpEx
−$58.7K −$13.52/SF
NOI
$71.7K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,433,980
Cap Rate 7%
$1,024,271
Cap Rate 9%
$796,656
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$896.2K – $1.19M
NOI $71,699 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,937 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,913
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - All residences are delivered vacant, offering control over future leasing and unit improvement plans.
Where is this apartment building located?
The property is located at 1029-33 Hayes Ave San Diego, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Six one‑bedroom, one‑bath units delivered vacant; 4,338‑square‑foot apartment building; Vaulted open‑beam ceilings with mid‑century character
