Two-Bedroom Residential Income
New
For Sale
$375,900
2-1219 Barham, San Marcos, CA 92078
Two-bedroom, two-bath home in a land-owned senior community with clubhouse, pool, spa, dog park, and fitness amenities.
Property Size1,440 SF
Price / SF$261.04
Days on Market5
Property Features for 2-1219 Barham
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Manufactured In Park
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
clubhouse
commercial kitchen
shuffleboard court
billiard tables
pool room
card room
exercise equipment
spa
pool
laundry room
dog park
guest house
solar systems
Listing Agency:
BurkeRealEstateConsultants, Inc
(858) 509-7500
Listed By:
Joseph Kozora
(760) 855-3891
Source:
Exprealty
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 19 at 12:13PM
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 BurkeRealEstateConsultants, Inc
Investment Insights
Based on property information with market context.
This 1,440-square-foot, two-bedroom, two-bath home is located in a land-owned community for residents age 55 and older. The property includes a small backyard area and sits near the community clubhouse. HOA services include water and trash, while recently installed community solar systems support the association’s operations.
Community amenities include a large clubhouse with a commercial kitchen, shuffleboard court, billiards room with three tables, card room, exercise equipment, refurbished spa, large pool, laundry room, and a fully fenced dog park. A guest house is available for visiting family and friends.
The home is in San Marcos near shopping, dining, Costco, Palomar Hospital, Kaiser Hospital, and Jacks Pond Park & Nature Center.
Community amenities include a large clubhouse with a commercial kitchen, shuffleboard court, billiards room with three tables, card room, exercise equipment, refurbished spa, large pool, laundry room, and a fully fenced dog park. A guest house is available for visiting family and friends.
The home is in San Marcos near shopping, dining, Costco, Palomar Hospital, Kaiser Hospital, and Jacks Pond Park & Nature Center.
Key Highlights
- 1,440‑square‑foot home with two bedrooms and two baths
- Located in a land‑owned community for residents age 55 and older
- Large clubhouse with commercial kitchen, billiards room, card room, and shuffleboard court
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
$23,926
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
6.36%
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%
$478,520
$478.5K
Cap Rate 7%
$341,800
$341.8K
Cap Rate 9%
$265,844
$265.8K
Market Conditions
NOI Build-Up for 1,440 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
$45.8K $31.80/SF
− Vacancy
−$2.3K −$1.59/SF
EGI
$43.5K $30.21/SF
− OpEx
−$19.6K −$13.59/SF
NOI
$23.9K $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%
$478,520
Cap Rate 7%
$341,800
Cap Rate 9%
$265,844
Alternative Uses
Best Use
Apartment 5plus
$341.8K
$299.1K – $398.8K
NOI $23,926 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$659.8K
$577.3K – $769.7K
NOI $46,183 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,520
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 - Two-bedroom, two-bath home in a land-owned senior community with clubhouse, pool, spa, dog park, and fitness amenities.
Where is this residential income property located?
The property is located at 2-1219 Barham San Marcos, CA.
What is the asking price?
The asking price for this property is $375,900.
What are key features of this property?
This property features: 1,440‑square‑foot home with two bedrooms and two baths; Located in a land‑owned community for residents age 55 and older; Large clubhouse with commercial kitchen, billiards room, card room, and shuffleboard court
