Triplex with Off-Street
New
For Sale
$1,525,000
1221 Florida St, Imperial Beach, CA 91932
Three two-bedroom units offer private storage and rear-alley access to designated parking.
Property Size2,574 SF
Days on Market5
Property Features for 1221 Florida St
General Information
Standard status
Active
Size
2,574 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Parking per Unit
2
Additional Details
Highway Access
Yes
Amenities
private storage
Building Details
Building Size
2,574 SF
Year Built
1970
Stories
1
Units
3
Listing Agency:
eXp Realty of California, Inc.
(951) 313-1746
Listed By:
Donald Mowery · License #01193547
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 9:43AM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
Built in 1970, this triplex contains three separate residences with consistent two-bedroom, one-bath layouts. Each unit includes a living room, dining area, kitchen, and private storage space. Two designated off-street parking spaces serve each residence, with access from the rear alley. The property also includes an expansive yard.
The property is located on Florida St in Imperial Beach, near Oneonta Elementary School, the Imperial Beach Pier, beaches, shopping, and dining. Interstate 5 provides convenient regional access. Walk Score is 62, Bike Score is 43, and Transit Score is 47. Any future unit additions or ADU development would be subject to City approval and applicable zoning requirements.
The property is located on Florida St in Imperial Beach, near Oneonta Elementary School, the Imperial Beach Pier, beaches, shopping, and dining. Interstate 5 provides convenient regional access. Walk Score is 62, Bike Score is 43, and Transit Score is 47. Any future unit additions or ADU development would be subject to City approval and applicable zoning requirements.
Key Highlights
- Three individual units, each with 2 bedrooms and 1 bathroom
- Each residence includes a living room, dining area, and kitchen
- Two designated off‑street parking spaces per unit
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
$46,119
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
3.02%
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%
$922,380
$922.4K
Cap Rate 7%
$658,843
$658.8K
Cap Rate 9%
$512,433
$512.4K
Market Conditions
NOI Build-Up for 2,574 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
$69.5K $27.00/SF
− Vacancy
−$3.6K −$1.40/SF
EGI
$65.9K $25.60/SF
− OpEx
−$19.8K −$7.68/SF
NOI
$46.1K $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%
$922,380
Cap Rate 7%
$658,843
Cap Rate 9%
$512,433
Alternative Uses
Best Use
Multifamily LT 5
$658.8K
$576.5K – $768.7K
NOI $46,119 @ 7.0% cap · market cap 3.02%
Second Best
Apartment 5plus
$611.0K
$534.6K – $712.8K
NOI $42,768 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,553 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 91932, CA
26,013
Population
10,276
Households
2.5
Avg Household Size
35
Median Age
24%
College-Educated
85%
High-School Grad
4.3 sq mi
ZIP Area
6,050
Density / Sq Mi
$79,071
Median Household Income
$41,917
Median Earnings
$1,914
Median Rent
$811,000
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?
Triplex - Three two-bedroom units offer private storage and rear-alley access to designated parking.
Where is this triplex located?
The property is located at 1221 Florida St Imperial Beach, CA.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Three individual units, each with 2 bedrooms and 1 bathroom; Each residence includes a living room, dining area, and kitchen; Two designated off‑street parking spaces per unit
