New 17-Unit Apartment
For Sale
$5,700,000
2428 Highland Ave, National City, CA 91950
Newly built 2023 17-unit community with gated off-street parking, in-unit washers and dryers, and private balconies.
Property Size10,058 SF
Price / SF$566.71
Days on Market59
Property Features for 2428 Highland Ave
General Information
Standard status
Active
Size
10,058 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
17
Amenities
gated off-street parking
storage lockers
in-unit washer/dryer
hard surface countertops
undermount kitchen sink
stainless steel appliances
shaker cabinetry
hardwood flooring
recessed lighting
split HVAC
private balcony
Building Details
Year Built
2023
Tenancy
Multi
Listing Agency:
Marcus & Millichap
Listed By:
Austin Huffman ahuffman@ipausa.com
(951) 226-5454
Source:
Findhomesinsandiegoarea
Added: Jul 13
Changed: Sep 8
Last Checked: Sep 8 at 8:25AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Highland Pacifica Apartments is a newly constructed 17-unit apartment community built in 2023. The property features gated off-street parking and storage lockers. Unit interiors are well-appointed with in-unit washers and dryers, hard surface countertops, undermount kitchen sinks with pull-down faucets, stainless steel kitchen appliances, shaker-style cabinetry, hardwood flooring, recessed lighting, split HVAC systems, and private balconies.
The community is located off Highland Avenue in central National City, California. Public walk, bike, and transit scores are 76 (very walkable), 61 (bikeable), and 56 (good transit), supporting everyday accessibility to surrounding dining, shopping, nightlife, and recreation.
The 17-unit mix includes 1 office studio at 200 square feet, 1 studio at 443 square feet, 8 one-bedroom/one-bath units averaging 540 square feet, and 7 two-bedroom/two-bath units averaging 728 square feet.
The community is located off Highland Avenue in central National City, California. Public walk, bike, and transit scores are 76 (very walkable), 61 (bikeable), and 56 (good transit), supporting everyday accessibility to surrounding dining, shopping, nightlife, and recreation.
The 17-unit mix includes 1 office studio at 200 square feet, 1 studio at 443 square feet, 8 one-bedroom/one-bath units averaging 540 square feet, and 7 two-bedroom/two-bath units averaging 728 square feet.
Key Highlights
- Newly built in 2023: 17‑unit apartment community in National City, CA
- Unit mix includes 1 office studio (200 SF), 1 studio (443 SF), 8 one‑bed/one‑bath averaging 540 SF, and 7 two‑bed/two‑bath averaging 728 SF
- Gated off‑street parking plus storage lockers
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
$167,119
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
2.93%
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%
$3,342,380
$3.3M
Cap Rate 7%
$2,387,414
$2.4M
Cap Rate 9%
$1,856,878
$1.9M
Market Conditions
NOI Build-Up for 10,058 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
$319.8K $31.80/SF
− Vacancy
−$16.0K −$1.59/SF
EGI
$303.9K $30.21/SF
− OpEx
−$136.7K −$13.59/SF
NOI
$167.1K $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%
$3,342,380
Cap Rate 7%
$2,387,414
Cap Rate 9%
$1,856,878
Alternative Uses
Best Use
Apartment 5plus
$2.39M
$2.09M – $2.79M
NOI $167,119 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M
NOI $322,577 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,281
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
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 - Newly built 2023 17-unit community with gated off-street parking, in-unit washers and dryers, and private balconies.
Where is this apartment building located?
The property is located at 2428 Highland Ave National City, CA.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: Newly built in 2023: 17‑unit apartment community in National City, CA; Unit mix includes 1 office studio (200 SF), 1 studio (443 SF), 8 one‑bed/one‑bath averaging 540 SF, and 7 two‑bed/two‑bath averaging 728 SF; Gated off‑street parking plus storage lockers
