Two-Building Multifamily
For Sale
$1,100,000
116 Evans St, San Diego, CA 92102
MULTI_FAMILY - San Diego, CA
Property Size2,450 SF
Lot Size0.12 Acres
Price / SF$448.98
Days on Market47
Property Features for 116 Evans St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 4, Bathroom 5, Bathroom 2, Bathroom 6, Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 6
Subdivision
SAN DIEGO (92102)
Standard status
Active
APN
535-544-05-00
Size
2,450 SF
Lot size
0.12 Acres
Building Details
Number of units
5
Listing Agency:
Coldwell Banker West · Coldwell Banker Real Estate
(619) 325-4100
Listed By:
Melina Rissone · License #01498140
(619) 678-1350
Added: Jul 3
Changed: Aug 6
Last Checked: Aug 18 at 12:06PM
MLS# 260016141
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 five-unit multifamily property consists of two buildings on one lot. The first building includes three studio units and one two-bedroom unit. A separate main house provides four bedrooms and two full bathrooms. The main house kitchen includes a new stove and hood, with upgraded flooring, in-home washer and dryer, and newer windows. Parking amenities include a one-car garage and a two-car driveway.
The property is located in San Diego, near Grant Hill and Barrio Logan, with convenient access to Downtown San Diego and Interstates 5, 15, and 94.
The unit mix combines multiple income-producing apartments with a larger single-family style main house layout, offering a straightforward structure for investors seeking a consolidated, five-unit holding.
The property is located in San Diego, near Grant Hill and Barrio Logan, with convenient access to Downtown San Diego and Interstates 5, 15, and 94.
The unit mix combines multiple income-producing apartments with a larger single-family style main house layout, offering a straightforward structure for investors seeking a consolidated, five-unit holding.
Key Highlights
- Five‑unit investment property with two buildings on one lot: 3 studio units and 1 two‑bedroom unit in the first building
- Separate main house includes 4 bedrooms and 2 full bathrooms
- Main house kitchen includes a new stove and hood
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
$40,494
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
3.68%
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%
$809,880
$809.9K
Cap Rate 7%
$578,486
$578.5K
Cap Rate 9%
$449,933
$449.9K
Market Conditions
NOI Build-Up for 2,450 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
$77.9K $31.80/SF
− Vacancy
−$4.3K −$1.75/SF
EGI
$73.6K $30.05/SF
− OpEx
−$33.1K −$13.52/SF
NOI
$40.5K $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%
$809,880
Cap Rate 7%
$578,486
Cap Rate 9%
$449,933
Alternative Uses
Best Use
Apartment 5plus
$578.5K
$506.2K – $674.9K
NOI $40,494 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$967.7K
$846.7K – $1.13M
NOI $67,738 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,850
Businesses Nearby
Explore this area
Business Placement
Demographics for 92102, CA
39,783
Population
15,622
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
80%
High-School Grad
4.5 sq mi
ZIP Area
8,841
Density / Sq Mi
$71,319
Median Household Income
$40,142
Median Earnings
$1,855
Median Rent
$646,600
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 - Five-unit property with two buildings: studio and two-bedroom units plus a main house with four bedrooms.
Where is this apartment building located?
The property is located at 116 Evans St San Diego, CA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five‑unit investment property with two buildings on one lot: 3 studio units and 1 two‑bedroom unit in the first building; Separate main house includes 4 bedrooms and 2 full bathrooms; Main house kitchen includes a new stove and hood
