Remodeled Triplex with
For Sale
$1,530,000
204-12 S Pardee, San Diego, CA 92113
Residential Income, San Diego, CA
Property Size2,850 SF
Price / SF$536.84
Days on Market233
Property Features for 204-12 S Pardee
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 5, Bedroom 4, Bedroom 9, Bedroom 8, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 7, Bedroom 2
Fencing
Gate
Subdivision
SAN DIEGO
Standard status
Active
APN
546-163-11-00
Size
2,850 SF
Amenities
backyard
Building Details
Year built
1978
Number of units
3
Listing Agency:
Real Broker
(760) 798-0029
Listed By:
Walid Ajmal · License #01963468
(619) 254-7988
Added: Feb 3
Changed: Sep 21
Last Checked: Sep 24 at 10:06PM
MLS# 260002644
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex contains 2,850 square feet and was built in 1978. Two of the three residences have been remodeled, while a third is occupied by a long-term tenant. The property also includes an open backyard, gated fencing, alley access, and parking.
Located at 204-12 S Pardee in San Diego, the property is in ZIP Code 92113. Its three-unit configuration, updated interiors, outdoor area, and existing tenancy provide a defined residential income profile for an owner or investor evaluating the asset.
Located at 204-12 S Pardee in San Diego, the property is in ZIP Code 92113. Its three-unit configuration, updated interiors, outdoor area, and existing tenancy provide a defined residential income profile for an owner or investor evaluating the asset.
Key Highlights
- 2,850‑square‑foot triplex built in 1978
- Two units have been remodeled
- One unit has a long‑term tenant
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
$51,053
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
3.34%
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%
$1,021,060
$1.0M
Cap Rate 7%
$729,329
$729.3K
Cap Rate 9%
$567,256
$567.3K
Market Conditions
NOI Build-Up for 2,850 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
$77.0K $27.00/SF
− Vacancy
−$4.0K −$1.41/SF
EGI
$72.9K $25.59/SF
− OpEx
−$21.9K −$7.68/SF
NOI
$51.1K $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%
$1,021,060
Cap Rate 7%
$729,329
Cap Rate 9%
$567,256
Alternative Uses
Best Use
Multifamily LT 5
$729.3K
$638.2K – $850.9K
NOI $51,053 @ 7.0% cap · market cap 3.34%
Second Best
Apartment 5plus
$672.9K
$588.8K – $785.1K
NOI $47,105 @ 7.0% cap · market cap 3.08%
Theoretical Best
Specialty Retail
$1.13M
$985.0K – $1.31M
NOI $78,797 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
760
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Triplex - Three-unit property with two remodeled residences, gated fencing, alley access, parking, and an open backyard.
Where is this triplex located?
The property is located at 204-12 S Pardee San Diego, CA.
What is the asking price?
The asking price for this property is $1,530,000.
What are key features of this property?
This property features: 2,850‑square‑foot triplex built in 1978; Two units have been remodeled; One unit has a long‑term tenant
