11-Unit Multifamily Corner
For Sale
Contact for pricing
2901-2921 Columbia, San Diego, CA 92103
Well-maintained 11-unit apartment building on an RM-2-5 zoned corner lot with off-street parking and common laundry.
Property Size7,800 SF
Price / SF$473.72
Days on Market114
Property Features for 2901-2921 Columbia
General Information
Standard status
Active
Size
7,800 SF
Class
C
Total Parking Spaces
11
Property subtype
Multifamily
Zoning
RM-2-5
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$252,618
Additional Details
Multifamily Units
11
Amenities
mature landscaping
carport with attached storage
common laundry facilities
Building Details
Year Built
1957
Buildings
1
Stories
2
Units
11
Tenancy
Multi
Listing Agency:
JP Equity Real Estate
(619) 325-4100
Listed By:
Judy Preston, CCIM · License #CA 01074104
Source:
Crexi
Added: Apr 22
Changed: Aug 7
Last Checked: Aug 12 at 1:24PM
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 JP Equity Real Estate
Investment Insights
Based on property information with market context.
This well-maintained 11-unit apartment building is offered as a value-add opportunity. The property sits on an RM-2-5 zoned corner lot and features multiple units with views, mature landscaping, abundant off-street tenant parking, triple-pane windows, and a pitch composition roof. Residents also benefit from a carport with attached storage and common laundry facilities.
Positioned in the heart of Middletown within Metro San Diego, the building’s elevated lot helps enhance privacy and street presence.
The current configuration provides in-place residential income while allowing an investor to pursue unit upgrades and, depending on approvals, explore future development possibilities consistent with the RM-2-5 zoning.
Positioned in the heart of Middletown within Metro San Diego, the building’s elevated lot helps enhance privacy and street presence.
The current configuration provides in-place residential income while allowing an investor to pursue unit upgrades and, depending on approvals, explore future development possibilities consistent with the RM-2-5 zoning.
Key Highlights
- 11‑unit residential apartment building, built in 1957
- RM‑2‑5 zoned corner lot with mature landscaping and an elevated setting
- Abundant off‑street tenant parking plus a carport with attached storage
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
$128,919
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
3.49%
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%
$2,578,380
$2.6M
Cap Rate 7%
$1,841,700
$1.8M
Cap Rate 9%
$1,432,433
$1.4M
Market Conditions
NOI Build-Up for 7,800 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
$248.0K $31.80/SF
− Vacancy
−$13.6K −$1.75/SF
EGI
$234.4K $30.05/SF
− OpEx
−$105.5K −$13.52/SF
NOI
$128.9K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
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%
$2,578,380
Cap Rate 7%
$1,841,700
Cap Rate 9%
$1,432,433
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,919 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.08M
$2.70M – $3.59M
NOI $215,654 @ 7.0% cap · market cap 5.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,933
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
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 - Well-maintained 11-unit apartment building on an RM-2-5 zoned corner lot with off-street parking and common laundry.
Where is this apartment building located?
The property is located at 2901-2921 Columbia San Diego, CA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: 11‑unit residential apartment building, built in 1957; RM‑2‑5 zoned corner lot with mature landscaping and an elevated setting; Abundant off‑street tenant parking plus a carport with attached storage
