Fixer Two-Unit
For Sale
Contact for pricing
Pending
1840-42 Carmelina, San Diego, CA 92116
Two 2-bedroom, 1-bath residences awaiting renovation on a canyon-side street near parks and major routes.
Property Size1,757 SF
Days on Market58
Property Features for 1840-42 Carmelina
General Information
Standard status
Pending
Size
1,757 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1944
Buildings
1
Units
2
Listing Agency:
CityMark Realty
Listed By:
Marla Hovland · License #CA 01369015
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Jul 24 at 11:55AM
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 CityMark Realty
Investment Insights
Based on property information with market context.
This fixer two-unit duplex offers two separate 2-bedroom, 1-bath residences. The property is positioned for buyers looking to restore and reimagine the layout as a residential income asset or as a multi-unit home arrangement, with the existing configuration providing a straightforward two-family foundation.
The duplex is located on a canyon-side street in central San Diego, across from Trolley Barn Park. The surrounding area includes access to local dining, cafés, boutiques, and nightlife, with convenient proximity to parks, freeways, and downtown San Diego.
For a tenant or owner/operator looking for flexibility after renovation, the property’s two-unit structure can support a variety of residential setups. Because the asset is described as a fixer, it may be best suited to buyers and investors prepared to complete repairs and upgrades to bring the residences to their intended condition.
The duplex is located on a canyon-side street in central San Diego, across from Trolley Barn Park. The surrounding area includes access to local dining, cafés, boutiques, and nightlife, with convenient proximity to parks, freeways, and downtown San Diego.
For a tenant or owner/operator looking for flexibility after renovation, the property’s two-unit structure can support a variety of residential setups. Because the asset is described as a fixer, it may be best suited to buyers and investors prepared to complete repairs and upgrades to bring the residences to their intended condition.
Key Highlights
- Fixer duplex built in 1944 with 2 units
- Each unit offers 2 bedrooms and 1 bathroom
- Two 2bd/1ba residences awaiting renovation on a canyon‑side street
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
$31,474
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
3.50%
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%
$629,480
$629.5K
Cap Rate 7%
$449,629
$449.6K
Cap Rate 9%
$349,711
$349.7K
Market Conditions
NOI Build-Up for 1,757 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
$47.4K $27.00/SF
− Vacancy
−$2.5K −$1.41/SF
EGI
$45.0K $25.59/SF
− OpEx
−$13.5K −$7.68/SF
NOI
$31.5K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$629,480
Cap Rate 7%
$449,629
Cap Rate 9%
$349,711
Alternative Uses
Best Use
Multifamily LT 5
$449.6K
$393.4K – $524.6K
NOI $31,474 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$414.9K
$363.0K – $484.0K
NOI $29,040 @ 7.0% cap · market cap 3.23%
Theoretical Best
Specialty Retail
$694.0K
$607.2K – $809.6K
NOI $48,578 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,191
Businesses Nearby
Explore this area
Business Placement
Demographics for 92116, CA
31,523
Population
17,827
Households
1.8
Avg Household Size
37
Median Age
58%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
9,271
Density / Sq Mi
$95,775
Median Household Income
$63,420
Median Earnings
$1,903
Median Rent
$898,500
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?
Duplex - Two 2-bedroom, 1-bath residences awaiting renovation on a canyon-side street near parks and major routes.
Where is this duplex located?
The property is located at 1840-42 Carmelina San Diego, CA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Fixer duplex built in 1944 with 2 units; Each unit offers 2 bedrooms and 1 bathroom; Two 2bd/1ba residences awaiting renovation on a canyon‑side street
