Detached Triplex With Solar
For Sale
$1,799,000
2306 Modesto St, San Diego, CA 92105
Residential Income, San Diego, CA
Property Size3,163 SF
Lot Size0.22 Acres
Price / SF$568.76
Days on Market168
Property Features for 2306 Modesto St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2 S1-7
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 7, Bedroom 4, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 9, Bathroom 1, Bedroom 1, Bathroom 6, Bathroom 4, Bathroom 2, Bedroom 8, Bathroom 5
Exterior features
Corner Lot, Public Street, Sidewalks, Street Paved
Subdivision
CITY HEIGHTS
Elementary school
San Diego Unified School Distric
Middle school
San Diego Unified School Distric
High school
San Diego Unified School Distric
Directions
2306 Modesto Street is currently Occupied - Do Not Disturb! 4292 Juniper Street, Brand New Construction is VACANT - on Lockbox
Standard status
Active
APN
476-552-15-00
Size
3,163 SF
Lot size
0.22 Acres
Utilities
Heating system
Solar (Heating), Passive Solar, Forced Air
Cooling system
Central Air
Building Details
Year built
2000
Number of units
3
Roof type
Composition
Listing Agency:
Coastal Rock Realty
(858) 277-7600
Listed By:
Mary P Sparks · License #01235210
(619) 261-6061
Added: Apr 1
Changed: Sep 13
Last Checked: Sep 15 at 10:06PM
MLS# 260007617
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 property at 2306 Modesto St. includes a 1,404-square-foot main residence with 4 bedrooms and 3 bathrooms, a detached 1,184-square-foot ADU/SFR with 3 bedrooms and 2 bathrooms, and a functional 2-bedroom, 1-bathroom garage conversion unit. The ADU was completed in December 2025 and is described as fully permitted, while the garage conversion is unpermitted. The main residence and ADU each have owned solar systems, with heating provided by solar and forced air and cooling by central air.
The property occupies a 9,762-square-foot corner lot in San Diego, with public street access, paved streets, and sidewalks. Zoning is R2 S1-7. The configuration supports separate residential spaces, including the option to occupy one home while renting another. Showings are currently available for the ADU; access to the main residence and additional structures is by appointment.
The property occupies a 9,762-square-foot corner lot in San Diego, with public street access, paved streets, and sidewalks. Zoning is R2 S1-7. The configuration supports separate residential spaces, including the option to occupy one home while renting another. Showings are currently available for the ADU; access to the main residence and additional structures is by appointment.
Key Highlights
- Two detached residences plus a 2‑bedroom, 1‑bathroom garage conversion unit
- Main residence measures 1,404 SF with 4 bedrooms and 3 bathrooms
- Detached ADU/SFR measures 1,184 SF with 3 bedrooms and 2 bathrooms
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
3.57%
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 3.57%
Second Best
Apartment 5plus
$845.5K
$739.8K – $986.4K
NOI $59,183 @ 7.0% cap · market cap 3.29%
Theoretical Best
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,451 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
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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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Corner-lot configuration includes R2 S1-7 zoning and multiple residential structures.
Where is this triplex located?
The property is located at 2306 Modesto St San Diego, CA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Two detached residences plus a 2‑bedroom, 1‑bathroom garage conversion unit; Main residence measures 1,404 SF with 4 bedrooms and 3 bathrooms; Detached ADU/SFR measures 1,184 SF with 3 bedrooms and 2 bathrooms
