Five-Unit Apartment
New
For Sale
$1,599,000
2241-2247 Prospect, National City, CA 91950
Residential Income, National City, CA
Property Size5,046 SF
Price / SF$316.88
Days on Market2
Property Features for 2241-2247 Prospect
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 8, Bedroom 11, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 7, Bedroom 2, Bedroom 6, Bedroom 3, Bathroom 5, Bedroom 10, Bedroom 4, Bedroom 5, Bedroom 12, Bedroom 9, Bathroom 1
Subdivision
NATIONAL CITY (91950)
Standard status
Active
APN
561-420-08-00
Size
5,046 SF
Building Details
Number of units
5
Listing Agency:
Coldwell Banker Realty
(619) 460-6600
Listed By:
John Ronis · License #01846535
(619) 565-5616
Added: Sep 21
Last Checked: Sep 22 at 10:06AM
MLS# 260023075
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 5,046-square-foot apartment property combines a detached three-bedroom residence with four additional units. The physical separation between the home and the multifamily units supports an owner-user configuration while retaining income-producing space on the same property.
Located at 2241-2247 Prospect in National City, California, the property is identified with peek-a-boo views of the Bay. The five-unit layout offers a mix of residential living space and rental units within one apartment-building asset.
Located at 2241-2247 Prospect in National City, California, the property is identified with peek-a-boo views of the Bay. The five-unit layout offers a mix of residential living space and rental units within one apartment-building asset.
Key Highlights
- Five‑unit apartment property totaling 5,046 square feet
- Detached three‑bedroom residence separate from four additional units
- Owner‑user configuration with separate income‑producing units
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
$83,842
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
5.24%
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%
$1,676,840
$1.7M
Cap Rate 7%
$1,197,743
$1.2M
Cap Rate 9%
$931,578
$931.6K
Market Conditions
NOI Build-Up for 5,046 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
$160.5K $31.80/SF
− Vacancy
−$8.0K −$1.59/SF
EGI
$152.4K $30.21/SF
− OpEx
−$68.6K −$13.59/SF
NOI
$83.8K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
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%
$1,676,840
Cap Rate 7%
$1,197,743
Cap Rate 9%
$931,578
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,842 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.31M
$2.02M – $2.70M
NOI $161,834 @ 7.0% cap · market cap 10.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 91950, CA
57,849
Population
19,049
Households
3
Avg Household Size
36
Median Age
16%
College-Educated
76%
High-School Grad
7.3 sq mi
ZIP Area
7,925
Density / Sq Mi
$63,858
Median Household Income
$34,013
Median Earnings
$1,600
Median Rent
$580,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Detached three-bedroom residence accompanies four additional income-producing units in a separated multifamily configuration.
Where is this apartment building located?
The property is located at 2241-2247 Prospect National City, CA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Five‑unit apartment property totaling 5,046 square feet; Detached three‑bedroom residence separate from four additional units; Owner‑user configuration with separate income‑producing units
