Coastal Duplex with Ocean
New
For Sale
$1,450,000
190 Evergreen Ave, Imperial Beach, CA 91932
Two single-level residences offer separate garages, private laundry, and flexible coastal living arrangements without an HOA.
Property Size3,181 SF
Lot Size0.11 Acres
Price / SF$455.83
Days on Market3
Property Features for 190 Evergreen Ave
General Information
Standard status
Active
Size
3,181 SF
Total Parking Spaces
4
Lot size
0.11 Acres
Property subtype
Investment
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/3.5BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Amenities
washer and dryer
California room
balcony
mature landscaping
separate utility meters
Building Details
Year Built
1980
Stories
1
Units
2
Listed By:
Millie Chase · License #01800422
(760) 803-0140
Source:
Elliman
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 6:00AM
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 Millie Chase
Investment Insights
Based on property information with market context.
This 1980-built duplex contains 3,181 sq. ft. of total living space on a 4,758 sq. ft. lot, with two single-level residences. Unit A includes 2 bedrooms, 2 bathrooms, a separate dining room, and updated kitchen and bath finishes. Unit B provides 3 bedrooms, 3.5 bathrooms, broad living areas, an ocean-view Juliet balcony, and a wraparound balcony adjoining the primary bedroom. A California room adds adaptable interior space. Both residences have private 2-car garages, individual washers and dryers, and separate gas and water meters.
The property is located at 190 Evergreen Ave in Imperial Beach, one block from the beach and within walking distance of Imperial Beach Pier, restaurants, cafés, shops, and entertainment. Recent work includes updated electrical sub-panels and Section 1 Pest Clearance. The property has no HOA and is VA approved.
The property is located at 190 Evergreen Ave in Imperial Beach, one block from the beach and within walking distance of Imperial Beach Pier, restaurants, cafés, shops, and entertainment. Recent work includes updated electrical sub-panels and Section 1 Pest Clearance. The property has no HOA and is VA approved.
Key Highlights
- Two residences totaling 3,181 sq. ft. on a 4,758 sq. ft. lot
- Unit A: 2 bedrooms, 2 bathrooms, and a separate dining room
- Unit B: 3 bedrooms, 3.5 bathrooms, ocean‑view Juliet balcony, and wraparound primary‑bedroom balcony
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
$56,995
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
3.93%
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%
$1,139,900
$1.1M
Cap Rate 7%
$814,214
$814.2K
Cap Rate 9%
$633,278
$633.3K
Market Conditions
NOI Build-Up for 3,181 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
$85.9K $27.00/SF
− Vacancy
−$4.5K −$1.40/SF
EGI
$81.4K $25.60/SF
− OpEx
−$24.4K −$7.68/SF
NOI
$57.0K $17.92/SF
Area
San Diego County, CA
Vacancy
5.20%
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%
$1,139,900
Cap Rate 7%
$814,214
Cap Rate 9%
$633,278
Alternative Uses
Best Use
Multifamily LT 5
$814.2K
$712.4K – $949.9K
NOI $56,995 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$755.1K
$660.7K – $880.9K
NOI $52,854 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$1.46M
$1.28M – $1.70M
NOI $102,020 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
517
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
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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?
Duplex - Two single-level residences offer separate garages, private laundry, and flexible coastal living arrangements without an HOA.
Where is this duplex located?
The property is located at 190 Evergreen Ave Imperial Beach, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Two residences totaling 3,181 sq. ft. on a 4,758 sq. ft. lot; Unit A: 2 bedrooms, 2 bathrooms, and a separate dining room; Unit B: 3 bedrooms, 3.5 bathrooms, ocean‑view Juliet balcony, and wraparound primary‑bedroom balcony
