8-Unit Multifamily with Off-Street
For Sale
$2,485,000
4177 Illinois St, San Diego, CA 92104
Eight off-street parking spaces and a mix of 1- and 2-bedroom units support multifamily investment with recent improvements.
Property Size5,590 SF
Days on Market26
Property Features for 4177 Illinois St
General Information
Standard status
Active
Size
5,590 SF
Total Parking Spaces
8
Property subtype
Multifamily
Occupancy
97%
Additional Details
Cap Rate
4.73%
Multifamily Units
8
Amenities
Desirable Unit Mix – Four 1BR/1BA units and four 2BR/2BA units.
Recent Capital Improvements – New roof installed in 2023, upgraded landscaping, and expanded laundry room.
RUBS Program in Place – Implemented on 7 of 8 units, generating approximately $100–$150 per unit monthly.
Additional Income Source – On-site commercial laundry equipment operated by WASH Services.
Ample Parking – Eight off-street parking spaces.
Prime North Park Location – Strong rental demand in one of San Diego's premier submarkets.
Stable Asset with Upside – Well-maintained property with continued rent growth potential.
Building Details
Building Size
5,590 SF
Units
8
Listing Agency:
Marcus & Millichap - San Diego
(858) 373-3196
Listed By:
Tom McCartin · License #License(s): CA: 01427348
(858) 373-3196
Source:
Marcusmillichap
Added: Jul 17
Changed: Aug 8
Last Checked: Aug 11 at 4:40AM
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 Marcus & Millichap - San Diego
Investment Insights
Based on property information with market context.
This 8-unit multifamily property offers a unit mix of four 1-bedroom/1-bath units and four 2-bedroom/2-bath units. Recent updates completed by the current ownership include a new roof installed in 2023 and comprehensive landscaping renovations within the past few years.
The expanded on-site laundry room includes the relocation of the hot water tank outside, allowing for the installation of two new commercial-grade laundry machines operated by WASH Services. The property also participates in a RUBS (Ratio Utility Billing System) program on 7 of the 8 units, generating approximately $100 to $150 per unit per month in additional income, with the opportunity to extend the program to the remaining unit.
The property provides eight off-street parking spaces, an important amenity in an urban rental market. The combination of recent capital improvements, laundry revenue, and RUBS utility billing supports ongoing operational efficiency.
The expanded on-site laundry room includes the relocation of the hot water tank outside, allowing for the installation of two new commercial-grade laundry machines operated by WASH Services. The property also participates in a RUBS (Ratio Utility Billing System) program on 7 of the 8 units, generating approximately $100 to $150 per unit per month in additional income, with the opportunity to extend the program to the remaining unit.
The property provides eight off-street parking spaces, an important amenity in an urban rental market. The combination of recent capital improvements, laundry revenue, and RUBS utility billing supports ongoing operational efficiency.
Key Highlights
- 8‑unit multifamily with four 1 bed/1 bath units and four 2 bed/2 bath units
- New roof installed in 2023
- Laundry room expanded with hot water tank relocated outside; includes two new commercial‑grade laundry machines operated by WASH Services
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
$92,392
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
3.72%
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%
$1,847,840
$1.8M
Cap Rate 7%
$1,319,886
$1.3M
Cap Rate 9%
$1,026,578
$1.0M
Market Conditions
NOI Build-Up for 5,590 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
$177.8K $31.80/SF
− Vacancy
−$9.8K −$1.75/SF
EGI
$168.0K $30.05/SF
− OpEx
−$75.6K −$13.52/SF
NOI
$92.4K $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%
$1,847,840
Cap Rate 7%
$1,319,886
Cap Rate 9%
$1,026,578
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,392 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.21M
$1.93M – $2.58M
NOI $154,552 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,768
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
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 - Eight off-street parking spaces and a mix of 1- and 2-bedroom units support multifamily investment with recent improvements.
Where is this apartment building located?
The property is located at 4177 Illinois St San Diego, CA.
What is the asking price?
The asking price for this property is $2,485,000.
What are key features of this property?
This property features: 8‑unit multifamily with four 1 bed/1 bath units and four 2 bed/2 bath units; New roof installed in 2023; Laundry room expanded with hot water tank relocated outside; includes two new commercial‑grade laundry machines operated by WASH Services
