Renovated
For Sale
$2,100,000
4140 48th St, San Diego, CA 92105
Four-unit multifamily property with spacious apartments, family-oriented layouts, and tandem parking.
Property Size4,180 SF
Lot Size0.15 Acres
Price / SF$502.39
Days on Market42
Property Features for 4140 48th St
General Information
Standard status
Active
Size
4,180 SF
Total Parking Spaces
5
Lot size
0.15 Acres
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA, 2 x 4BR/2BA
Multifamily Units
4
Building Details
Year Built
1964
Stories
2
Units
4
Listing Agency:
BridgePoint Realty, Inc
(760) 419-1343
Listed By:
Alexio Barbara · License #01992393
(760) 419-1343
Source:
Elliman
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 9:18PM
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 BridgePoint Realty, Inc
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 4140 48th St in San Diego occupies a 6,397-square-foot parcel and includes a renovated 4,180-square-foot residential structure. The unit mix consists of two 3-bedroom/2-bath apartments and two 4-bedroom/2-bath apartments, with each unit averaging 1,045 square feet. The larger floor plans provide a configuration suited to households seeking additional bedroom space.
The property is in the Colina del Sol neighborhood, one block south of El Cajon Boulevard and near Interstate 15. San Diego State University and Downtown San Diego are identified as nearby destinations. WalkScore is 92, TransitScore is 55, and BikeScore is 49.
Five tandem parking spaces are included. The property was built in 1964 and combines the existing residential structure with a unit mix that is less commonly oriented toward larger households.
The property is in the Colina del Sol neighborhood, one block south of El Cajon Boulevard and near Interstate 15. San Diego State University and Downtown San Diego are identified as nearby destinations. WalkScore is 92, TransitScore is 55, and BikeScore is 49.
Five tandem parking spaces are included. The property was built in 1964 and combines the existing residential structure with a unit mix that is less commonly oriented toward larger households.
Key Highlights
- 4,180 SF residential structure on a 6,397 SF parcel
- Two 3‑bedroom/2‑bath units and two 4‑bedroom/2‑bath units
- Each apartment averages 1,045 SF
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
$84,862
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
4.04%
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%
$1,697,240
$1.7M
Cap Rate 7%
$1,212,314
$1.2M
Cap Rate 9%
$942,911
$942.9K
Market Conditions
NOI Build-Up for 4,180 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
$127.9K $30.60/SF
− Vacancy
−$6.7K −$1.60/SF
EGI
$121.2K $29.00/SF
− OpEx
−$36.4K −$8.70/SF
NOI
$84.9K $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%
$1,697,240
Cap Rate 7%
$1,212,314
Cap Rate 9%
$942,911
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,862 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$1.12M
$977.7K – $1.30M
NOI $78,212 @ 7.0% cap · market cap 3.72%
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.93M
NOI $115,569 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,917
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?
Quadplex - Four-unit multifamily property with spacious apartments, family-oriented layouts, and tandem parking.
Where is this quadplex located?
The property is located at 4140 48th St San Diego, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 4,180 SF residential structure on a 6,397 SF parcel; Two 3‑bedroom/2‑bath units and two 4‑bedroom/2‑bath units; Each apartment averages 1,045 SF
