Detached Duplex with Two
New
For Sale
Contact for pricing
2609-11 Nina Road, Lemon Grove, CA 91945
Two separately metered homes support independent tenancies within one residential income property.
Property Size1,874 SF
Price / SF$533.08
Days on Market5
Property Features for 2609-11 Nina Road
General Information
Standard status
Active
Size
1,874 SF
Total Parking Spaces
2
Property subtype
Multifamily
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Cap Rate
5.8%
Utilities to Site
Yes
Building Details
Year Built
1958
Buildings
2
Units
2
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Twana Rasoul · License #02026495
Source:
Crexi
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 4:56AM
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 Compass
Investment Insights
Based on property information with market context.
This 1958 duplex comprises two detached homes on a single lot at 2609-11 Nina Road in Lemon Grove. The front residence offers 3 bedrooms, 1.5 bathrooms, and approximately 1,100 SF; the rear residence includes 2 bedrooms, 1 bathroom, and approximately 774 SF. Each home has its own gas and electric meter and a single-car garage, creating distinct residential spaces with limited shared infrastructure.
The property is positioned on a cul-de-sac in Lemon Grove. Current operations reflect a 5.8% cap rate based on existing rents. With two separate homes and individually metered utilities, the asset provides a multifamily configuration suited to residential income ownership or an owner-occupant arrangement.
The property is positioned on a cul-de-sac in Lemon Grove. Current operations reflect a 5.8% cap rate based on existing rents. With two separate homes and individually metered utilities, the asset provides a multifamily configuration suited to residential income ownership or an owner-occupant arrangement.
Key Highlights
- Two detached homes on one lot
- Front home: 3 bed, 1.5 bath, approximately 1,100 SF
- Rear home: 2 bed, 1 bath, approximately 774 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
$33,577
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
3.36%
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%
$671,540
$671.5K
Cap Rate 7%
$479,671
$479.7K
Cap Rate 9%
$373,078
$373.1K
Market Conditions
NOI Build-Up for 1,874 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
$50.6K $27.00/SF
− Vacancy
−$2.6K −$1.40/SF
EGI
$48.0K $25.60/SF
− OpEx
−$14.4K −$7.68/SF
NOI
$33.6K $17.92/SF
Area
San Diego County, CA
Vacancy
5.20%
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%
$671,540
Cap Rate 7%
$479,671
Cap Rate 9%
$373,078
Alternative Uses
Best Use
Multifamily LT 5
$479.7K
$419.7K – $559.6K
NOI $33,577 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$444.8K
$389.2K – $519.0K
NOI $31,137 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$858.6K
$751.3K – $1.00M
NOI $60,102 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 91945, CA
27,814
Population
9,715
Households
2.9
Avg Household Size
38
Median Age
20%
College-Educated
89%
High-School Grad
4.0 sq mi
ZIP Area
6,954
Density / Sq Mi
$79,381
Median Household Income
$41,727
Median Earnings
$1,769
Median Rent
$640,500
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 - Two separately metered homes support independent tenancies within one residential income property.
Where is this duplex located?
The property is located at 2609-11 Nina Road Lemon Grove, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Two detached homes on one lot; Front home: 3 bed, 1.5 bath, approximately 1,100 SF; Rear home: 2 bed, 1 bath, approximately 774 SF
