9-Unit Apartment
New
For Sale
$2,200,000
3837 39Th St, San Diego, CA 92105
A mixed one- and two-bedroom layout includes secure entry, laundry, and off-street parking.
Property Size6,052 SF
Days on Market3
Property Features for 3837 39Th St
General Information
Standard status
Active
Size
6,052 SF
Total Parking Spaces
9
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 1BR/1BA, 3 x 2BR/1BA
Multifamily Units
9
Amenities
secure entrances
onsite coin-operated laundry
tankless water heaters
Building Details
Building Size
6,052 SF
Year Built
1970
Units
9
Listing Agency:
(619) 250-3931
Listed By:
Mike Shenkman
(619) 250-3931
Source:
Elliman
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 7:53AM
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 Mike Shenkman
Investment Insights
Based on property information with market context.
This 9-unit apartment property, built in 1970, contains six 1-bedroom/1-bath residences and three 2-bedroom/1-bath residences. Property features include controlled entry points, onsite coin-operated laundry, and five open parking spaces alongside four garages. Tankless water heaters have been installed as a recent improvement.
The property is located at 3837 39th St in San Diego, with access to major freeways, public transportation, shopping, dining, employment centers, and neighborhood amenities. Walk Score is 88, Bike Score is 65, and Transit Score is 55. The central setting and documented unit mix provide a clear overview of the asset’s physical configuration and access characteristics.
The property is located at 3837 39th St in San Diego, with access to major freeways, public transportation, shopping, dining, employment centers, and neighborhood amenities. Walk Score is 88, Bike Score is 65, and Transit Score is 55. The central setting and documented unit mix provide a clear overview of the asset’s physical configuration and access characteristics.
Key Highlights
- 9‑unit property with six 1‑bedroom/1‑bath units and three 2‑bedroom/1‑bath units
- Four garages plus five additional open parking spaces
- Recently installed tankless water heaters
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
$113,239
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
5.15%
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%
$2,264,780
$2.3M
Cap Rate 7%
$1,617,700
$1.6M
Cap Rate 9%
$1,258,211
$1.3M
Market Conditions
NOI Build-Up for 6,052 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
$217.9K $36.00/SF
− Vacancy
−$12.0K −$1.98/SF
EGI
$205.9K $34.02/SF
− OpEx
−$92.7K −$15.31/SF
NOI
$113.2K $18.71/SF
Area
ZIP 92105
Vacancy
5.50%
Lease Rate
$36.00 /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%
$2,264,780
Cap Rate 7%
$1,617,700
Cap Rate 9%
$1,258,211
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.89M
NOI $113,239 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.39M
$2.09M – $2.79M
NOI $167,326 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,844
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
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 - A mixed one- and two-bedroom layout includes secure entry, laundry, and off-street parking.
Where is this apartment building located?
The property is located at 3837 39Th St San Diego, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 9‑unit property with six 1‑bedroom/1‑bath units and three 2‑bedroom/1‑bath units; Four garages plus five additional open parking spaces; Recently installed tankless water heaters
