Duplex with Permitted
For Sale
Contact for pricing
2306 Modesto, San Diego, CA 92105
Corner-lot compound with two permitted residences, owned solar panels, and flexible multi-residence configuration.
Property Size3,163 SF
Lot Size0.22 Acres
Price / SF$600.70
Days on Market164
Property Features for 2306 Modesto
General Information
Standard status
Active
Size
3,163 SF
Lot size
0.22 Acres
Property subtype
Multifamily
Zoning
R2 S1-7
Additional Details
Unit Mix
1 x 4BR/3BA, 1 x 3BR/2BA
Amenities
solar panels
Building Details
Year Built
2000
Buildings
3
Units
3
Listing Agency:
Coastal Rock Realty
Listed By:
Mary Patricia Sparks · License #01235210
(619) 437-0488
Source:
Crexi
Added: Mar 23
Changed: Aug 30
Last Checked: Sep 2 at 5:59AM
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 Coastal Rock Realty
Investment Insights
Based on property information with market context.
Located at 2306 Modesto in San Diego, this duplex property combines a 4-bedroom, 3-bathroom main residence with a newly completed, fully permitted 3-bedroom, 2-bathroom ADU/SFR. The property encompasses 3,163 square feet on a 9,762-square-foot corner lot and carries R2 S1-7 zoning. A variance has been granted for 2-4 units.
Both permitted residences feature owned solar panel systems rather than leased equipment. The main residence provides 1,404 sf, while the ADU contains 1,184 sf and features newly completed construction with designer finishes. A garage configured as a 2/1 unit is unpermitted. Showings of the ADU are available; access to the other buildings is by appointment.
Both permitted residences feature owned solar panel systems rather than leased equipment. The main residence provides 1,404 sf, while the ADU contains 1,184 sf and features newly completed construction with designer finishes. A garage configured as a 2/1 unit is unpermitted. Showings of the ADU are available; access to the other buildings is by appointment.
Key Highlights
- 9,762 sq ft corner lot in San Diego
- 4 bed 3 bath main residence with 1,404 sf
- Newly completed, fully permitted 3 bed/2 bath ADU/SFR with 1,184 sf
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
$64,215
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
3.38%
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%
$1,284,300
$1.3M
Cap Rate 7%
$917,357
$917.4K
Cap Rate 9%
$713,500
$713.5K
Market Conditions
NOI Build-Up for 3,163 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
$96.8K $30.60/SF
− Vacancy
−$5.1K −$1.60/SF
EGI
$91.7K $29.00/SF
− OpEx
−$27.5K −$8.70/SF
NOI
$64.2K $20.30/SF
Area
ZIP 92105
Vacancy
5.22%
Lease Rate
$30.60 /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%
$1,284,300
Cap Rate 7%
$917,357
Cap Rate 9%
$713,500
Alternative Uses
Best Use
Multifamily LT 5
$917.4K
$802.7K – $1.07M
NOI $64,215 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$845.5K
$739.8K – $986.4K
NOI $59,183 @ 7.0% cap · market cap 3.11%
Theoretical Best
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,451 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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?
Duplex - Corner-lot compound with two permitted residences, owned solar panels, and flexible multi-residence configuration.
Where is this duplex located?
The property is located at 2306 Modesto San Diego, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 9,762 sq ft corner lot in San Diego; 4 bed 3 bath main residence with 1,404 sf; Newly completed, fully permitted 3 bed/2 bath ADU/SFR with 1,184 sf
