Logan Heights Investment
For Sale
Contact for pricing
Pending
2010 Franklin Ave, San Diego, CA 92113
Value-add investment in Logan Heights with redevelopment potential.
Property Size2,328 SF
Days on Market178
Property Features for 2010 Franklin Ave
General Information
Standard status
Pending
Size
2,328 SF
Property subtype
Multifamily
Building Details
Year Built
1913
Buildings
4
Stories
1
Units
4
Listing Agency:
Marcus & Millichap - San Diego
(818) 212-2250
Listed By:
Thomas McCartin · License #01427348
Source:
Crexi
Added: Feb 15
Changed: Aug 8
Last Checked: Aug 8 at 6:31AM
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 Marcus & Millichap - San Diego
Investment Insights
Based on property information with market context.
This offering presents an opportunity to purchase a value-add investment in the improving Logan Heights neighborhood of San Diego. The property includes three parcels, featuring two residential lots each with its own duplex, totaling four stand-alone houses, and a vacant lot. All parcels are contiguous, offering the opportunity to renovate the existing improvements or redevelop the entire lot. Preliminary investigations suggest the potential to build up to 40 units on the combined parcels. The property size is 2328 square feet. This property is located at 2010 Franklin Ave, San Diego, CA 92113. Also available are two other properties for sale that can be purchased as a portfolio or individually: 2663 E Street, 92102 (4 units) and 2049 Julian Ave, 92113 (5 total units including 1 non-conforming studio).
Key Highlights
- Opportunity to redevelop the combined 3 parcels with potential to build up to 40 units.
- Value‑add investment opportunity in the improving Logan Heights neighborhood of San Diego.
- Includes 2 residential lots, each with a duplex (4 stand‑alone houses).
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
$41,702
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
3.21%
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%
$834,040
$834.0K
Cap Rate 7%
$595,743
$595.7K
Cap Rate 9%
$463,356
$463.4K
Market Conditions
NOI Build-Up for 2,328 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
$62.9K $27.00/SF
− Vacancy
−$3.3K −$1.41/SF
EGI
$59.6K $25.59/SF
− OpEx
−$17.9K −$7.68/SF
NOI
$41.7K $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%
$834,040
Cap Rate 7%
$595,743
Cap Rate 9%
$463,356
Alternative Uses
Best Use
Multifamily LT 5
$595.7K
$521.3K – $695.0K
NOI $41,702 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$549.7K
$481.0K – $641.3K
NOI $38,477 @ 7.0% cap · market cap 2.96%
Theoretical Best
Specialty Retail
$919.5K
$804.6K – $1.07M
NOI $64,365 @ 7.0% cap · market cap 4.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 92113, CA
50,457
Population
14,443
Households
3.5
Avg Household Size
32
Median Age
11%
College-Educated
69%
High-School Grad
4.5 sq mi
ZIP Area
11,213
Density / Sq Mi
$59,177
Median Household Income
$31,099
Median Earnings
$1,608
Median Rent
$559,100
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?
Duplex - Value-add investment in Logan Heights with redevelopment potential.
Where is this duplex located?
The property is located at 2010 Franklin Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Opportunity to redevelop the combined 3 parcels with potential to build up to 40 units.; Value‑add investment opportunity in the improving Logan Heights neighborhood of San Diego.; Includes 2 residential lots, each with a duplex (4 stand‑alone houses).
