Fully Permitted Triplex with
For Sale
Contact for pricing
Pending
1610-12 Dahlia Avenue, San Diego, CA 92154
Three newly renovated permitted units, including a studio ADU, offer flexible live-or-lease options.
Property Size2,100 SF
Days on Market100
Property Features for 1610-12 Dahlia Avenue
General Information
Standard status
Pending
Size
2,100 SF
Property subtype
Multifamily
Additional Details
Fenced Yard
Yes
Multifamily Units
3
Building Details
Year Built
1959
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
eXp Realty of California, Inc.
Listed By:
Benjamin Smith · License #02176703
(619) 218-6428
Source:
Crexi
Added: Jun 2
Changed: Aug 8
Last Checked: Jul 24 at 5:29PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This fully permitted three-unit property includes two 2-bedroom, 1-bath homes and a permitted studio ADU on a single oversized lot. The two front and back residences are each approximately 850 sq. ft. and feature full kitchens, dining areas, and private yards—one yard at the front home and one at the rear home. Behind them is a true permitted 400 sq. ft. studio ADU with its own private entrance. The entire property has been newly renovated and is fully gated.
The setup is located just minutes from the sand, with convenient access to the 5 and a short hop to Coronado. The beach is within walking distance, supporting both coastal living and flexible rental use.
Tenancy is structured to accommodate multiple strategies. One of the 2-bedroom units and the studio ADU are currently vacant, while the second 2-bedroom unit is leased month to month. That combination gives an owner options to move in while another unit produces income, reset vacant spaces as desired, or operate all three units as rentals. Shown by appointment only.
The setup is located just minutes from the sand, with convenient access to the 5 and a short hop to Coronado. The beach is within walking distance, supporting both coastal living and flexible rental use.
Tenancy is structured to accommodate multiple strategies. One of the 2-bedroom units and the studio ADU are currently vacant, while the second 2-bedroom unit is leased month to month. That combination gives an owner options to move in while another unit produces income, reset vacant spaces as desired, or operate all three units as rentals. Shown by appointment only.
Key Highlights
- Three fully permitted, newly renovated units on one oversized lot (built 1959).
- Two 2 bed / 1 bath homes, each with a full kitchen and dining area, plus private yards (850 SF each).
- Permitted 400 SF studio ADU at the rear with its own private entrance.
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
$42,643
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
3.88%
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%
$852,860
$852.9K
Cap Rate 7%
$609,186
$609.2K
Cap Rate 9%
$473,811
$473.8K
Market Conditions
NOI Build-Up for 2,100 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
$64.3K $30.60/SF
− Vacancy
−$3.3K −$1.59/SF
EGI
$60.9K $29.01/SF
− OpEx
−$18.3K −$8.70/SF
NOI
$42.6K $20.31/SF
Area
ZIP 92154
Vacancy
5.20%
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%
$852,860
Cap Rate 7%
$609,186
Cap Rate 9%
$473,811
Alternative Uses
Best Use
Multifamily LT 5
$609.2K
$533.0K – $710.7K
NOI $42,643 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$565.5K
$494.8K – $659.7K
NOI $39,584 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$751.7K
$657.7K – $877.0K
NOI $52,618 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
884
Businesses Nearby
Explore this area
Business Placement
Demographics for 92154, CA
84,027
Population
23,832
Households
3.5
Avg Household Size
36
Median Age
21%
College-Educated
80%
High-School Grad
51.3 sq mi
ZIP Area
1,638
Density / Sq Mi
$90,035
Median Household Income
$42,333
Median Earnings
$2,143
Median Rent
$606,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three newly renovated permitted units, including a studio ADU, offer flexible live-or-lease options.
Where is this triplex located?
The property is located at 1610-12 Dahlia Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Three fully permitted, newly renovated units on one oversized lot (built 1959).; Two 2 bed / 1 bath homes, each with a full kitchen and dining area, plus private yards (850 SF each).; Permitted 400 SF studio ADU at the rear with its own private entrance.
