Renovated Residential Income
For Sale
$429,000
138-650 S Rancho Santa Fe Rd, San Marcos, CA 92078
Updated two-bedroom residence with landscaped yards, private outdoor areas, and access to extensive community amenities.
Property Size1,776 SF
Price / SF$241.55
Days on Market122
Property Features for 138-650 S Rancho Santa Fe Rd
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Manufactured In Park
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
HOA Fee
$685
Utilities to Site
Yes
Amenities
porch
patio
garden
pool
tennis courts
club house
pickleball
putting green
lawn bowling
picnic area
Listing Agency:
ERA Ranch & Sea Realty
(760) 994-2404
Listed By:
OB Juncal
(760) 994-2404
Source:
Exprealty
Added: Apr 9
Changed: Aug 6
Last Checked: Aug 8 at 7:35AM
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 ERA Ranch & Sea Realty
Investment Insights
Based on property information with market context.
This 1,776-square-foot, two-bedroom, two-bath residence occupies a gently sloping corner lot within a landscaped community. Interior improvements include formal and family living areas, a den or office, an open kitchen, and a remodeled bathroom with quartz counters, abundant cabinetry, and a claw-foot tub. The primary bedroom includes an oversized closet and direct access to a private patio.
Outdoor features include a hardwood porch, front, rear, and side yards, multiple patios, and established plantings such as citrus, avocado, fig, succulents, and plumeria. The community offers pickleball, tennis courts, a pool, lawn bowling, a putting green, picnic space, a clubhouse, and organized events. Shopping, banking, and restaurants are within walking distance, while Carlsbad, Encinitas, Vista, and Escondido are a short drive away. The property has no property tax; water, trash, and sewer are included with the monthly space fee.
Outdoor features include a hardwood porch, front, rear, and side yards, multiple patios, and established plantings such as citrus, avocado, fig, succulents, and plumeria. The community offers pickleball, tennis courts, a pool, lawn bowling, a putting green, picnic space, a clubhouse, and organized events. Shopping, banking, and restaurants are within walking distance, while Carlsbad, Encinitas, Vista, and Escondido are a short drive away. The property has no property tax; water, trash, and sewer are included with the monthly space fee.
Key Highlights
- 1,776‑square‑foot residence with 2 bedrooms and 2 bathrooms
- Gently sloping corner lot with front, rear, and side landscaping
- Hardwood porch, multiple patios, and a private primary‑bedroom patio
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
$29,509
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
6.88%
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%
$590,180
$590.2K
Cap Rate 7%
$421,557
$421.6K
Cap Rate 9%
$327,878
$327.9K
Market Conditions
NOI Build-Up for 1,776 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
$56.5K $31.80/SF
− Vacancy
−$2.8K −$1.59/SF
EGI
$53.7K $30.21/SF
− OpEx
−$24.1K −$13.59/SF
NOI
$29.5K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
Lease Rate
$31.80 /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%
$590,180
Cap Rate 7%
$421,557
Cap Rate 9%
$327,878
Alternative Uses
Best Use
Apartment 5plus
$421.6K
$368.9K – $491.8K
NOI $29,509 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$813.7K
$712.0K – $949.3K
NOI $56,959 @ 7.0% cap · market cap 13.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 92078, CA
52,347
Population
19,249
Households
2.7
Avg Household Size
39
Median Age
48%
College-Educated
92%
High-School Grad
16.7 sq mi
ZIP Area
3,135
Density / Sq Mi
$114,905
Median Household Income
$55,060
Median Earnings
$2,468
Median Rent
$874,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom residence with landscaped yards, private outdoor areas, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 138-650 S Rancho Santa Fe Rd San Marcos, CA.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 1,776‑square‑foot residence with 2 bedrooms and 2 bathrooms; Gently sloping corner lot with front, rear, and side landscaping; Hardwood porch, multiple patios, and a private primary‑bedroom patio
