Imperial Beach Condominium
For Sale
Contact for pricing
163 Elder Ave, Imperial Beach, CA 91932
19 condominium units near the beach in Imperial Beach.
Property Size19,872 SF
Price / SF$406.35
Days on Market189
Property Features for 163 Elder Ave
General Information
Standard status
Active
Size
19,872 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$399,903
Building Details
Year Built
1988
Buildings
1
Stories
3
Units
19
Listing Agency:
Kidder Mathews San Diego
(619) 884-5456
Listed By:
Ray Adams · License #CA 01298909
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Kidder Mathews San Diego
Investment Insights
Based on property information with market context.
This property features 19 large condominium units, each with 2 bedrooms and 2 bathrooms, totaling 1108 square feet per unit. The property has a condominium map with separate APNs and city water meters for each unit. Each unit includes two private balconies, a fireplace, a full-size washer and dryer, forced air heating, and a fully amenitized kitchen. Some units offer ocean views. The property is located one and a half blocks from the beach, making it a walkable and bikeable location. There are 38 on-site parking spaces available. The property may have potential for individual condominium sales.
Key Highlights
- Just 1 1/2 blocks to the beach!
- Upside potential if sold as individual condominiums.
- 19 large 2 bed, 2 bath condominium 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
$330,183
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
4.09%
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%
$6,603,660
$6.6M
Cap Rate 7%
$4,716,900
$4.7M
Cap Rate 9%
$3,668,700
$3.7M
Market Conditions
NOI Build-Up for 19,872 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
$631.9K $31.80/SF
− Vacancy
−$31.6K −$1.59/SF
EGI
$600.3K $30.21/SF
− OpEx
−$270.1K −$13.59/SF
NOI
$330.2K $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%
$6,603,660
Cap Rate 7%
$4,716,900
Cap Rate 9%
$3,668,700
Alternative Uses
Best Use
Apartment 5plus
$4.72M
$4.13M – $5.50M
NOI $330,183 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.10M
$7.97M – $10.62M
NOI $637,328 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
996
Businesses Nearby
Explore this area
Business Placement
Demographics for 91932, CA
26,013
Population
10,276
Households
2.5
Avg Household Size
35
Median Age
24%
College-Educated
85%
High-School Grad
4.3 sq mi
ZIP Area
6,050
Density / Sq Mi
$79,071
Median Household Income
$41,917
Median Earnings
$1,914
Median Rent
$811,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 19 condominium units near the beach in Imperial Beach.
Where is this apartment building located?
The property is located at 163 Elder Ave Imperial Beach, CA.
What is the asking price?
The asking price for this property is $8,075,000.
What are key features of this property?
This property features: Just 1 1/2 blocks to the beach!; Upside potential if sold as individual condominiums.; 19 large 2 bed, 2 bath condominium units.
