Apartment Building Across From Azalea
New
For Sale
$2,200,000
3018 44th St, San Diego, CA 92105
Eight one-bedroom apartments include dedicated parking and on-site laundry in a walkable San Diego neighborhood.
Property Size3,456 SF
Days on Market4
Property Features for 3018 44th St
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Investment
Building Details
Building Size
3,456 SF
Year Built
1984
Units
8
Listed By:
Luda Phipps · License #02139266
(619) 277-5474
Source:
Elliman
Added: Sep 6
Last Checked: Sep 8 at 7:30AM
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 Luda Phipps
Investment Insights
Based on property information with market context.
This 1984 apartment property at 3018 44th St comprises eight one-bedroom, one-bathroom units. Each apartment has a dedicated parking space, and residents have access to on-site laundry. Improvements include a move-out renovation in Unit 3, new stoves in Units 5 and 8, a new water heater and gas valve installed in 10/2024, and additional updates to Units 1 and 8. The property also has a completed SB721 inspection report and new rear fencing completed in 02/2026.
The property is in City Heights, directly across Fairmount Ave from Azalea Park. Walkability, schools, shopping, dining, and public transportation serve the surrounding area, with a 93 Walk Score, 59 Bike Score, and 55 Transit Score. I-805 and SR-15 provide freeway access, with Balboa Park approximately 10 minutes away and SDSU approximately 15 minutes away.
The property is in City Heights, directly across Fairmount Ave from Azalea Park. Walkability, schools, shopping, dining, and public transportation serve the surrounding area, with a 93 Walk Score, 59 Bike Score, and 55 Transit Score. I-805 and SR-15 provide freeway access, with Balboa Park approximately 10 minutes away and SDSU approximately 15 minutes away.
Key Highlights
- Eight 1‑bedroom/1‑bathroom apartment units
- Dedicated parking space for each unit
- On‑site laundry for residents
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
$64,665
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
2.94%
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%
$1,293,300
$1.3M
Cap Rate 7%
$923,786
$923.8K
Cap Rate 9%
$718,500
$718.5K
Market Conditions
NOI Build-Up for 3,456 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
$124.4K $36.00/SF
− Vacancy
−$6.8K −$1.98/SF
EGI
$117.6K $34.02/SF
− OpEx
−$52.9K −$15.31/SF
NOI
$64.7K $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%
$1,293,300
Cap Rate 7%
$923,786
Cap Rate 9%
$718,500
Alternative Uses
Best Use
Apartment 5plus
$923.8K
$808.3K – $1.08M
NOI $64,665 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.37M
$1.19M – $1.59M
NOI $95,551 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
470
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 - Eight one-bedroom apartments include dedicated parking and on-site laundry in a walkable San Diego neighborhood.
Where is this apartment building located?
The property is located at 3018 44th 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: Eight 1‑bedroom/1‑bathroom apartment units; Dedicated parking space for each unit; On‑site laundry for residents
