Refreshed 12-Unit Multifamily
For Sale
Contact for pricing
Pending
2959-81 54th St, San Diego, CA 92105
12-unit property with income upside in San Diego, CA.
Property Size9,360 SF
Days on Market197
Property Features for 2959-81 54th St
General Information
Standard status
Pending
Size
9,360 SF
Total Parking Spaces
12
Property subtype
Multifamily
Building Details
Buildings
3
Stories
2
Units
12
Listing Agency:
Apartment Consultants Incorporated
(858) 876-5701
Listed By:
Christina Labowicz · License #02055851
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Jul 24 at 10:23AM
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 Apartment Consultants Incorporated
Investment Insights
Based on property information with market context.
This refreshed 12-unit property offers an opportunity to acquire an asset with income upside. Current rents allow for improvement potential. An 8.8% adjustment can increase the NOI while positioning the property for market rents upon turnover. The unit mix includes 3-bedroom and 2-bedroom units. Recent comparables have traded at similar price-per-unit metrics. The property consists of 3 fourplexes situated on 3 separate APNs. Recent exterior painting and a new parking lot have been completed. The property contains 9,360 square feet and is located in San Diego, CA.
Key Highlights
- Substantial income upside with immediate rent improvement potential (8.8% adjustment).
- Desirable unit mix of 3‑bedroom and 2‑bedroom units, superior to smaller units common in the market.
- Three fourplexes on 3 separate APNs offering possible alternative exit strategies.
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
$175,135
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
5.27%
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%
$3,502,700
$3.5M
Cap Rate 7%
$2,501,929
$2.5M
Cap Rate 9%
$1,945,944
$1.9M
Market Conditions
NOI Build-Up for 9,360 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
$337.0K $36.00/SF
− Vacancy
−$18.5K −$1.98/SF
EGI
$318.4K $34.02/SF
− OpEx
−$143.3K −$15.31/SF
NOI
$175.1K $18.71/SF
Area
ZIP 92105
Vacancy
5.50%
Lease Rate
$36.00 /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%
$3,502,700
Cap Rate 7%
$2,501,929
Cap Rate 9%
$1,945,944
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $175,135 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.70M
$3.23M – $4.31M
NOI $258,785 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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 - 12-unit property with income upside in San Diego, CA.
Where is this apartment building located?
The property is located at 2959-81 54th St San Diego, CA.
What is the asking price?
The asking price for this property is $3,325,000.
What are key features of this property?
This property features: Substantial income upside with immediate rent improvement potential (8.8% adjustment).; Desirable unit mix of 3‑bedroom and 2‑bedroom units, superior to smaller units common in the market.; Three fourplexes on 3 separate APNs offering possible alternative exit strategies.
