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    Mission Beach Triplex Near Ocean Title is generated by Realmo AI

    28 1/2 Ormond Ct, San Diego, CA 92109

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    For Sale
    $2,095,000

    Triplex steps from the beach with strong rental potential.

    Type:Investment
    Added:
    May 20, 2026
    Days on Market:
    11
    Last Refresh:
    May 20 at 12:43 pm

    Property Features for 28 1/2 Ormond Ct

    General Information

    Standard status
    Active
    Property subtype
    Investment

    Building Details

    Year Built
    1924

    We can help!

    Listing Contact
    Domenick Weinbrenner

    Listing agent Domenick Weinbrenner

    Listing office

    Listing date May 20, 2026

    Source Elliman

    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 Domenick Weinbrenner

    HighLights

    • Steps to the beach in highly desirable North Mission Beach location.
    • Triplex with three 1BR/1BA units offering strong rental income potential.
    • Functional layouts with parking per unit.
    • Walkable location (Walk Score 91) close to boardwalk, bay, dining, and entertainment.
    • Recent upgrades to one unit (728) including full remodel and tankless water heater.
    • Flexible use as vacation retreat or income property.

    Overview

    This North Mission Beach triplex is located west of Mission Blvd, a short distance from the beach. The coastal property includes three 1BR/1BA units. Two front units share a gated patio, and a detached rear unit is situated above a garage space. The units feature functional layouts and parking per unit, appealing to renters. The property provides access to the Mission Beach boardwalk, bayfront activities, dining, and entertainment. Mission Beach is positioned between the Pacific Ocean and Mission Bay. The property is suitable as a vacation retreat or an income-producing investment, offering flexibility with multiple units, rental potential, and a coastal location. Recent upgrades include a full unit remodel and a tankless water heater at 728. Unit 728 1/2 has in-unit laundry. New shingles have been added to the front of the roof, along with minor painting and landscaping work. The property has a bike score of 73, indicating it is very bikeable, and a walk score of 91, designating it as a walker's paradise. The transit score is 42, indicating some transit options are available.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.252798
    Latitude
    32.781566

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    FAQs

    What type of property is this?
    Triplex - Triplex steps from the beach with strong rental potential.
    Where is this triplex located?
    The property is located at 28 1/2 Ormond Ct San Diego, CA.
    What is the asking price?
    The asking price for this property is $2,095,000.
    What are key features of this property?
    This property features: Steps to the beach in highly desirable North Mission Beach location.; Triplex with three 1BR/1BA units offering strong rental income potential.; Functional layouts with parking per unit.
    (831) 402-9255
    We can help!
    Listing Contact
    Domenick Weinbrenner
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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