Multifamily Property with
New
For Sale
$2,250,000
2409 Fleetwood St, San Diego, CA 92111
Two detached duplex structures complement an existing single-family residence with newly built accessory dwelling units.
Property Size4,975 SF
Lot Size0.29 Acres
Days on Market3
Property Features for 2409 Fleetwood St
General Information
Standard status
Active
Size
4,975 SF
Lot size
0.29 Acres
Property subtype
Investment
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Building Details
Building Size
4,975 SF
Year Built
2026
Buildings
2
Units
5
Listing Agency:
Gene Bowman Realty
Listed By:
Christian Ballow · License #02046669
(619) 207-7601
Source:
Elliman
Added: Sep 1
Last Checked: Sep 2 at 6:42PM
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 Gene Bowman Realty
Investment Insights
Based on property information with market context.
Set on a 12,653-square-foot lot, this multifamily property combines an existing single-family residence with two newly constructed detached duplex buildings. Each duplex contains stacked two-bedroom, two-bathroom ADUs measuring 800 square feet per unit. The ADUs feature private entrances, in-unit laundry, and open-concept living areas, with low-E windows, tankless water heaters, and owned solar systems included throughout the new construction.
The property is located at 2409 Fleetwood St in San Diego’s Clairemont Mesa area. The four ADUs are described as ready for occupancy, providing multiple residential units within a single property. The building improvements carry a 2026 year built designation.
The property is located at 2409 Fleetwood St in San Diego’s Clairemont Mesa area. The four ADUs are described as ready for occupancy, providing multiple residential units within a single property. The building improvements carry a 2026 year built designation.
Key Highlights
- 12,653‑square‑foot lot at 2409 Fleetwood St, San Diego, CA 92111
- Two detached duplex buildings with stacked ADUs
- Four 800‑square‑foot ADUs, each with 2 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
$89,119
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
3.96%
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%
$1,782,380
$1.8M
Cap Rate 7%
$1,273,129
$1.3M
Cap Rate 9%
$990,211
$990.2K
Market Conditions
NOI Build-Up for 4,975 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
$134.3K $27.00/SF
− Vacancy
−$7.0K −$1.41/SF
EGI
$127.3K $25.59/SF
− OpEx
−$38.2K −$7.68/SF
NOI
$89.1K $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%
$1,782,380
Cap Rate 7%
$1,273,129
Cap Rate 9%
$990,211
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.49M
NOI $89,119 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,227 @ 7.0% cap · market cap 3.65%
Theoretical Best
Specialty Retail
$1.96M
$1.72M – $2.29M
NOI $137,549 @ 7.0% cap · market cap 6.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Explore this area
Business Placement
Demographics for 92111, CA
46,686
Population
17,624
Households
2.6
Avg Household Size
37
Median Age
43%
College-Educated
88%
High-School Grad
8.5 sq mi
ZIP Area
5,492
Density / Sq Mi
$95,081
Median Household Income
$43,215
Median Earnings
$2,049
Median Rent
$754,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two detached duplex structures complement an existing single-family residence with newly built accessory dwelling units.
Where is this multifamily property located?
The property is located at 2409 Fleetwood St San Diego, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 12,653‑square‑foot lot at 2409 Fleetwood St, San Diego, CA 92111; Two detached duplex buildings with stacked ADUs; Four 800‑square‑foot ADUs, each with 2 bedrooms and 2 bathrooms
