Fourplex with On-Site
For Sale
$1,325,000
3827 Winona Ave, San Diego, CA 92105
Well-maintained four-unit with three tenant-occupied homes and ample on-site parking in City Heights.
Property Size2,252 SF
Days on Market52
Property Features for 3827 Winona Ave
General Information
Standard status
Active
Size
2,252 SF
Property subtype
Investment
Occupancy
75%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Building Size
2,252 SF
Year Built
1970
Units
4
Tenancy
Multi
Listing Agency:
Coldwell Banker West
Listed By:
Del Raymond · License #01949132
(619) 572-9750
Source:
Elliman
Added: Jul 20
Changed: Sep 3
Last Checked: Sep 8 at 7:48AM
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 Coldwell Banker West
Investment Insights
Based on property information with market context.
This well-maintained fourplex offers a mix of unit layouts, including a 2-bedroom, 1-bath front house plus two additional 2-bedroom, 1-bath units and a separate studio. Three of the four units are currently tenant occupied, supporting ongoing rental use. The property also provides ample on-site parking for tenant convenience.
Located in City Heights, the building is described as having easy access to freeways and public transportation, with walkability scoring at 92 and transit scoring at 55. Bikeability is noted as somewhat bikeable.
The current configuration provides a straightforward four-unit income setup with a clear tenant-occupied majority and a parking amenity on site.
Located in City Heights, the building is described as having easy access to freeways and public transportation, with walkability scoring at 92 and transit scoring at 55. Bikeability is noted as somewhat bikeable.
The current configuration provides a straightforward four-unit income setup with a clear tenant-occupied majority and a parking amenity on site.
Key Highlights
- 1970‑built four‑unit in City Heights with three tenant‑occupied homes
- Unit mix: 2‑bed/1‑bath front house plus two 2‑bed/1‑bath units and a studio
- Ample on‑site parking for tenant convenience
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
$45,720
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
3.45%
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%
$914,400
$914.4K
Cap Rate 7%
$653,143
$653.1K
Cap Rate 9%
$508,000
$508.0K
Market Conditions
NOI Build-Up for 2,252 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
$68.9K $30.60/SF
− Vacancy
−$3.6K −$1.60/SF
EGI
$65.3K $29.00/SF
− OpEx
−$19.6K −$8.70/SF
NOI
$45.7K $20.30/SF
Area
ZIP 92105
Vacancy
5.22%
Lease Rate
$30.60 /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%
$914,400
Cap Rate 7%
$653,143
Cap Rate 9%
$508,000
Alternative Uses
Best Use
Multifamily LT 5
$653.1K
$571.5K – $762.0K
NOI $45,720 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$602.0K
$526.7K – $702.3K
NOI $42,137 @ 7.0% cap · market cap 3.18%
Theoretical Best
Specialty Retail
$889.5K
$778.3K – $1.04M
NOI $62,263 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit with three tenant-occupied homes and ample on-site parking in City Heights.
Where is this quadplex located?
The property is located at 3827 Winona Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 1970‑built four‑unit in City Heights with three tenant‑occupied homes; Unit mix: 2‑bed/1‑bath front house plus two 2‑bed/1‑bath units and a studio; Ample on‑site parking for tenant convenience
