Upgraded Triplex with Private
For Sale
$1,350,000
1284 88 15th St, Imperial Beach, CA 91932
Three upgraded units on one lot, each with private outdoor space and in-unit or in-home laundry setups.
Property Size2,762 SF
Price / SF$489.13
Days on Market52
Property Features for 1284 88 15th St
General Information
Standard status
Active
Size
2,762 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
3
Building Details
Building Size
2,762 SF
Year Built
1954
Units
3
Tenancy
Multi
Listing Agency:
Coldwell Banker West
(619) 279-9888
Listed By:
Sergio Pena · License #01765089
(619) 279-9888
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 10 at 6:35AM
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 for-sale triplex includes three separate residential units on a single lot, offered “AS IS.” Each unit was updated approximately five years ago with a new roof and contemporary finishes. Unit 1284 is a single-level 2-bed/1-bath home of approximately 760 square feet with an attached garage, washer/dryer hookups, and a private yard. Unit 1286 is configured across two levels with a living room, dining area, kitchen, and full bath on the main floor, along with in-unit laundry, plus 2 bedrooms and 2 baths upstairs and a private yard. Unit 1288 is approximately 700 square feet across two levels, with 2 bedrooms and 1 bath upstairs, and the main level offering a living room, dining area, kitchen, full bath, laundry, and a private yard.
The property features two garages and three separate gas meters, supporting independent utility setups for the units.
For buyers seeking a multi-unit asset with multiple updated layouts, this triplex offers a mix of single-level and two-level floorplans, private yards for each unit, and built-in laundry options via hookups or in-unit systems, while keeping the overall configuration under one ownership structure.
The property features two garages and three separate gas meters, supporting independent utility setups for the units.
For buyers seeking a multi-unit asset with multiple updated layouts, this triplex offers a mix of single-level and two-level floorplans, private yards for each unit, and built-in laundry options via hookups or in-unit systems, while keeping the overall configuration under one ownership structure.
Key Highlights
- Three multi‑unit homes on one lot in Imperial Beach, built in 1954 and sold AS IS.
- Each unit was upgraded approximately 5 years ago with a new roof and contemporary finishes.
- Unit 1284: ~760 SF, 2 bed/1 bath, single‑level with attached garage, washer/dryer hookups, and private yard.
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
$49,451
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
3.66%
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%
$989,020
$989.0K
Cap Rate 7%
$706,443
$706.4K
Cap Rate 9%
$549,456
$549.5K
Market Conditions
NOI Build-Up for 2,760 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
$74.5K $27.00/SF
− Vacancy
−$3.9K −$1.40/SF
EGI
$70.6K $25.60/SF
− OpEx
−$21.2K −$7.68/SF
NOI
$49.5K $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%
$989,020
Cap Rate 7%
$706,443
Cap Rate 9%
$549,456
Alternative Uses
Best Use
Multifamily LT 5
$706.4K
$618.1K – $824.2K
NOI $49,451 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$655.1K
$573.2K – $764.3K
NOI $45,859 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$1.26M
$1.11M – $1.48M
NOI $88,518 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
521
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 upgraded units on one lot, each with private outdoor space and in-unit or in-home laundry setups.
Where is this triplex located?
The property is located at 1284 88 15th St Imperial Beach, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Three multi‑unit homes on one lot in Imperial Beach, built in 1954 and sold AS IS.; Each unit was upgraded approximately 5 years ago with a new roof and contemporary finishes.; Unit 1284: ~760 SF, 2 bed/1 bath, single‑level with attached garage, washer/dryer hookups, and private yard.
