Three-Unit Income
For Sale
$1,449,000
4319 Swift Ave # 21, San Diego, CA 92104
Newly renovated 3-unit home with a vacant front house and two occupied rear duplex units.
Property Size2,280 SF
Days on Market99
Property Features for 4319 Swift Ave # 21
General Information
Standard status
Active
Size
2,280 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
3
Building Details
Building Size
2,280 SF
Year Built
2000
Tenancy
Multi
Listing Agency:
Lee & Associates | North San Diego County
Listed By:
Al Apuzzo · License #CalDRE #01323215
(760) 448-2442
Source:
Lee-associates
Added: Jun 3
Changed: Sep 8
Last Checked: Sep 8 at 6:11AM
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 Lee & Associates | North San Diego County
Investment Insights
Based on property information with market context.
This newly renovated three-unit property features a detached front house plus a rear duplex. The front unit is a 2-bedroom, 1-bath home and is currently vacant. The rear duplex includes two separate 2-bedroom, 1-bath units, both occupied. Recent improvements reported include renovated interiors, updated kitchens and bathrooms, new appliances, dual-pane windows, foundation upgrades, sewer line improvements, and roof repairs, creating a turnkey configuration for an owner or investor.
Located in Normal Heights, the property is described as near restaurants, cafes, shopping, and nightlife, with convenient access to Downtown San Diego and major freeways. Walk and transit scores are reported as 92 and 55, respectively, and bike score is 49. The asset also offers ample off-street parking, a valuable amenity for tenants in an urban setting.
From an operational standpoint, the vacant front house provides flexibility for an owner-user who wants to live on-site while maintaining income from the duplex. The two rear units are currently occupied, supporting continuity for a buyer seeking established tenancy. The duplex and front house layout also offers an easy way to manage multiple streams of rental income within a single property. Buyer to verify all information and please do not disturb tenants.
Located in Normal Heights, the property is described as near restaurants, cafes, shopping, and nightlife, with convenient access to Downtown San Diego and major freeways. Walk and transit scores are reported as 92 and 55, respectively, and bike score is 49. The asset also offers ample off-street parking, a valuable amenity for tenants in an urban setting.
From an operational standpoint, the vacant front house provides flexibility for an owner-user who wants to live on-site while maintaining income from the duplex. The two rear units are currently occupied, supporting continuity for a buyer seeking established tenancy. The duplex and front house layout also offers an easy way to manage multiple streams of rental income within a single property. Buyer to verify all information and please do not disturb tenants.
Key Highlights
- Renovated 3‑unit property: detached 2‑bed/1‑bath front house plus two 2‑bed/1‑bath duplex units in the rear
- Front house is currently vacant, offering an owner‑user option or the ability to lease at market rent
- Rear duplex units are occupied (tenants in place) with rents slightly below market, creating rental upside
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
$40,843
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
2.82%
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%
$816,860
$816.9K
Cap Rate 7%
$583,471
$583.5K
Cap Rate 9%
$453,811
$453.8K
Market Conditions
NOI Build-Up for 2,280 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
$61.6K $27.00/SF
− Vacancy
−$3.2K −$1.41/SF
EGI
$58.3K $25.59/SF
− OpEx
−$17.5K −$7.68/SF
NOI
$40.8K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
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%
$816,860
Cap Rate 7%
$583,471
Cap Rate 9%
$453,811
Alternative Uses
Best Use
Multifamily LT 5
$583.5K
$510.5K – $680.7K
NOI $40,843 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$538.3K
$471.1K – $628.1K
NOI $37,684 @ 7.0% cap · market cap 2.60%
Theoretical Best
Specialty Retail
$900.5K
$788.0K – $1.05M
NOI $63,037 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 92104, CA
44,265
Population
24,580
Households
1.8
Avg Household Size
36
Median Age
55%
College-Educated
94%
High-School Grad
3.7 sq mi
ZIP Area
11,964
Density / Sq Mi
$92,862
Median Household Income
$60,195
Median Earnings
$1,925
Median Rent
$861,600
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?
Triplex - Newly renovated 3-unit home with a vacant front house and two occupied rear duplex units.
Where is this triplex located?
The property is located at 4319 Swift Ave # 21 San Diego, CA.
What is the asking price?
The asking price for this property is $1,449,000.
What are key features of this property?
This property features: Renovated 3‑unit property: detached 2‑bed/1‑bath front house plus two 2‑bed/1‑bath duplex units in the rear; Front house is currently vacant, offering an owner‑user option or the ability to lease at market rent; Rear duplex units are occupied (tenants in place) with rents slightly below market, creating rental upside
