3-Unit Townhome-Style
For Sale
Contact for pricing
2048-52 N Highland Ave, San Diego, CA 92113
Newly built multifamily property with townhome-style residences, garage parking, and select private outdoor areas.
Property Size2,601 SF
Price / SF$557.48
Days on Market8
Property Features for 2048-52 N Highland Ave
General Information
Standard status
Active
Size
2,601 SF
Total Parking Spaces
2
Property subtype
Multifamily
Units
Unit Mix
3 x 2BR/2.5BA
Multifamily Units
3
Additional Details
Cap Rate
5.6%
Amenities
oversized deck
Building Details
Year Built
2023
Buildings
2
Units
3
Listing Agency:
The Browar Group
(619) 701-6797
Listed By:
Florian Sighe · License #02072593
Source:
Crexi
Added: Aug 11
Changed: Aug 17
Last Checked: Aug 17 at 6:39PM
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 in 2023, this triplex contains three townhome-style residences with a consistent two-bedroom, two-and-a-half-bathroom configuration. The property includes custom interior upgrades, a two-car garage, and additional off-street parking. Select residences feature oversized decks for outdoor use.
Located at 2048-52 N Highland Ave in San Diego, the property is positioned for owner-occupant or multifamily investment use as described in the listing. The in-place cap rate is 5.6, while the market cap rate is 6.6.
Located at 2048-52 N Highland Ave in San Diego, the property is positioned for owner-occupant or multifamily investment use as described in the listing. The in-place cap rate is 5.6, while the market cap rate is 6.6.
Key Highlights
- Three‑unit triplex completed in 2023
- All residences feature 2BR and 2.5BA townhome‑style layouts
- Two‑car garage plus additional off‑street parking
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
$46,593
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%
$931,860
$931.9K
Cap Rate 7%
$665,614
$665.6K
Cap Rate 9%
$517,700
$517.7K
Market Conditions
NOI Build-Up for 2,601 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
$70.2K $27.00/SF
− Vacancy
−$3.7K −$1.41/SF
EGI
$66.6K $25.59/SF
− OpEx
−$20.0K −$7.68/SF
NOI
$46.6K $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%
$931,860
Cap Rate 7%
$665,614
Cap Rate 9%
$517,700
Alternative Uses
Best Use
Multifamily LT 5
$665.6K
$582.4K – $776.6K
NOI $46,593 @ 7.0% cap · market cap 3.21%
Second Best
Apartment 5plus
$614.1K
$537.4K – $716.5K
NOI $42,989 @ 7.0% cap · market cap 2.96%
Theoretical Best
Specialty Retail
$1.03M
$898.9K – $1.20M
NOI $71,912 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
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?
Triplex - Newly built multifamily property with townhome-style residences, garage parking, and select private outdoor areas.
Where is this triplex located?
The property is located at 2048-52 N Highland Ave San Diego, 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: Three‑unit triplex completed in 2023; All residences feature 2BR and 2.5BA townhome‑style layouts; Two‑car garage plus additional off‑street parking
