6-Unit Apartment
New
For Sale
$1,320,000
2234 2240 National Ave, San Diego, CA 92113
The six residences are fully occupied and each offers one bedroom and one bathroom.
Property Size2,800 SF
Days on Market1
Property Features for 2234 2240 National Ave
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Building Size
2,800 SF
Year Built
1950
Units
6
Listing Agency:
Commercial Asset Advisors
Listed By:
Mike Conger · License #01381193
(858) 360-3000
Source:
Elliman
Added: Oct 4
Last Checked: Oct 4 at 2:00PM
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 Commercial Asset Advisors
Investment Insights
Based on property information with market context.
This six-unit apartment property in San Diego’s Barrio Logan submarket was built in 1950. Each residence has one bedroom and one bathroom, and the property is fully occupied.
The property is immediately adjacent to Downtown San Diego, Naval Base San Diego, and Chicano Park. Its reported Walk Score is 89, Bike Score is 60, and Transit Score is 59.
The property is immediately adjacent to Downtown San Diego, Naval Base San Diego, and Chicano Park. Its reported Walk Score is 89, Bike Score is 60, and Transit Score is 59.
Key Highlights
- Six 1BR/1BA units
- 100% occupied
- Built in 1950
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
$46,279
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
3.51%
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%
$925,580
$925.6K
Cap Rate 7%
$661,129
$661.1K
Cap Rate 9%
$514,211
$514.2K
Market Conditions
NOI Build-Up for 2,800 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
$89.0K $31.80/SF
− Vacancy
−$4.9K −$1.75/SF
EGI
$84.1K $30.05/SF
− OpEx
−$37.9K −$13.52/SF
NOI
$46.3K $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%
$925,580
Cap Rate 7%
$661,129
Cap Rate 9%
$514,211
Alternative Uses
Best Use
Apartment 5plus
$661.1K
$578.5K – $771.3K
NOI $46,279 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.11M
$967.7K – $1.29M
NOI $77,414 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,384
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
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Frequently Asked Questions
What type of property is this?
Apartment building - The six residences are fully occupied and each offers one bedroom and one bathroom.
Where is this apartment building located?
The property is located at 2234 2240 National Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: Six 1BR/1BA units; 100% occupied; Built in 1950
