New Construction 12-Unit Apartment
For Sale
$5,475,000
2036-58 N Highland Ave, San Diego, CA 92113
Multi-parcel property with townhome-style layouts, off-street parking, and select private decks and patios.
Property Size9,748 SF
Price / SF$561.65
Days on Market17
Property Features for 2036-58 N Highland Ave
General Information
Standard status
Active
Size
9,748 SF
Property subtype
Multi-Family
Units
Unit Mix
9 x 2BR/2.5BA, 3 x 1BR
Multifamily Units
12
Amenities
AC minisplits
decks and patios
Listing Agency:
The Browar Group
Listed By:
Florian P Sighe florian@thebrowargroup.com
Source:
Findahomenorthcountysandiego
Added: Aug 17
Changed: Sep 1
Last Checked: Sep 2 at 6:37PM
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 The Browar Group
Investment Insights
Based on property information with market context.
Completed as new construction, this 12-unit apartment property is arranged across four parcels in south San Diego. The offering includes nine two-bedroom, two-and-a-half-bath townhome-style residences alongside three one-bedroom units, creating a defined mix within the property. Interior features include AC mini-split systems serving every living room and bedroom.
Off-street parking is provided across the parcels, with garages included on each parcel. Certain residences also offer substantial decks and patios. The property is located at 2036-58 N Highland Ave in San Diego, California.
Off-street parking is provided across the parcels, with garages included on each parcel. Certain residences also offer substantial decks and patios. The property is located at 2036-58 N Highland Ave in San Diego, California.
Key Highlights
- New construction 12‑unit apartment property across 4 parcels
- Unit mix includes 9 2BR 2.5BA townhome‑style units and 3 1BR units
- AC mini‑splits installed in all living rooms and bedrooms
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
$161,115
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
2.94%
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%
$3,222,300
$3.2M
Cap Rate 7%
$2,301,643
$2.3M
Cap Rate 9%
$1,790,167
$1.8M
Market Conditions
NOI Build-Up for 9,748 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
$310.0K $31.80/SF
− Vacancy
−$17.0K −$1.75/SF
EGI
$292.9K $30.05/SF
− OpEx
−$131.8K −$13.52/SF
NOI
$161.1K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
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%
$3,222,300
Cap Rate 7%
$2,301,643
Cap Rate 9%
$1,790,167
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.01M – $2.69M
NOI $161,115 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.85M
$3.37M – $4.49M
NOI $269,513 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
386
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-parcel property with townhome-style layouts, off-street parking, and select private decks and patios.
Where is this apartment building located?
The property is located at 2036-58 N Highland Ave San Diego, CA.
What is the asking price?
The asking price for this property is $5,475,000.
What are key features of this property?
This property features: New construction 12‑unit apartment property across 4 parcels; Unit mix includes 9 2BR 2.5BA townhome‑style units and 3 1BR units; AC mini‑splits installed in all living rooms and bedrooms
