Four-Unit Mixed-Use
New
For Sale
$895,000
1343 45 Highland Ave, National City, CA 91950
Combines rear residential units with two ground-floor commercial suites fronting Highland Avenue.
Property Size1,908 SF
Days on Market4
Property Features for 1343 45 Highland Ave
General Information
Standard status
Active
Size
1,908 SF
Property subtype
Investment
Zoning
MXC-2
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Building Details
Building Size
1,908 SF
Year Built
1945
Units
3
Tenancy
Multi
Listing Agency:
Lee & Associates San Diego - Carlsbad
(619) 623-2132
Listed By:
Ivan Del Muro-Garcia · License #02169365
(619) 623-2132
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 7:08AM
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 San Diego - Carlsbad
Investment Insights
Based on property information with market context.
This mixed-use property combines four operating units within a single parcel: two residential units positioned toward the rear and two commercial suites along Highland Avenue. The residential component includes a 2 bedroom, 1 bath home and a 1 bedroom, 1 bath unit, while the street-facing spaces are configured as a retail salon and an office. Two units are currently positioned for leasing.
The property is located in National City on Highland Avenue, identified as a designated mixed-use commercial corridor. MXC-2 zoning, or Major Mixed-Use Corridor, permits single-family, multifamily, and mixed residential/commercial development by right, subject to the City’s approval process. The zoning framework allows up to 75 dwelling units per acre and buildings up to 65 feet. County records show 3 units on title, while the property currently operates as 4 units. Built in 1945, it also records a Walk Score of 76, Bike Score of 61, and Transit Score of 56.
The property is located in National City on Highland Avenue, identified as a designated mixed-use commercial corridor. MXC-2 zoning, or Major Mixed-Use Corridor, permits single-family, multifamily, and mixed residential/commercial development by right, subject to the City’s approval process. The zoning framework allows up to 75 dwelling units per acre and buildings up to 65 feet. County records show 3 units on title, while the property currently operates as 4 units. Built in 1945, it also records a Walk Score of 76, Bike Score of 61, and Transit Score of 56.
Key Highlights
- Four operating units: two residential and two ground‑floor commercial suites
- Residential units include a 2 bedroom, 1 bath home and a 1 bedroom, 1 bath unit
- Recorded as 3 units on title; currently operates as 4 units
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
$44,149
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
4.93%
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%
$882,980
$883.0K
Cap Rate 7%
$630,700
$630.7K
Cap Rate 9%
$490,544
$490.5K
Market Conditions
NOI Build-Up for 1,908 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
$68.7K $36.00/SF
− Vacancy
−$9.8K −$5.15/SF
EGI
$58.9K $30.85/SF
− OpEx
−$14.7K −$7.71/SF
NOI
$44.1K $23.14/SF
Area
San Diego County, CA
Vacancy
14.30%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
25.00%
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%
$882,980
Cap Rate 7%
$630,700
Cap Rate 9%
$490,544
Alternative Uses
Best Use
Office B
$630.7K
$551.9K – $735.8K
NOI $44,149 @ 7.0% cap · market cap 4.93%
Second Best
Mixed Use
$588.7K
$515.1K – $686.8K
NOI $41,206 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$874.2K
$764.9K – $1.02M
NOI $61,193 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,082
Businesses Nearby
Explore this area
Business Placement
Demographics for 91950, CA
57,849
Population
19,049
Households
3
Avg Household Size
36
Median Age
16%
College-Educated
76%
High-School Grad
7.3 sq mi
ZIP Area
7,925
Density / Sq Mi
$63,858
Median Household Income
$34,013
Median Earnings
$1,600
Median Rent
$580,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combines rear residential units with two ground-floor commercial suites fronting Highland Avenue.
Where is this mixed-use property located?
The property is located at 1343 45 Highland Ave National City, CA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four operating units: two residential and two ground‑floor commercial suites; Residential units include a 2 bedroom, 1 bath home and a 1 bedroom, 1 bath unit; Recorded as 3 units on title; currently operates as 4 units
