Triplex with Alley
New
For Sale
$1,299,995
3019 23 Martin Ave, San Diego, CA 92113
Three distinct residences feature separate fenced outdoor areas, laundry hookups, and individual gas meters.
Property Size2,610 SF
Lot Size0.18 Acres
Days on Market2
Property Features for 3019 23 Martin Ave
General Information
Standard status
Active
Size
2,610 SF
Lot size
0.18 Acres
Property subtype
Investment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Amenities
fenced outdoor areas
low-maintenance turf yards
laundry hookups
Building Details
Building Size
2,610 SF
Year Built
1943
Buildings
2
Units
3
Listed By:
Gary Cashman · License #01290085
(760) 822-1235
Source:
Elliman
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 27 at 2:00AM
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 Gary Cashman
Investment Insights
Based on property information with market context.
Built in 1943, this triplex comprises a front residence with a 3-bedroom, 2-bath home and an attached, separately accessed 1-bedroom, 1-bath unit. A detached rear residence adds 3 bedrooms and 1 bath. The property occupies an 8,017-square-foot lot, with fenced outdoor space for each residence and a private driveway reached from the alley. Improvements include stainless steel appliances, quartz countertops, luxury vinyl plank flooring, custom tile, new roofs and windows, and laundry hookups. Separate gas meters, individual water heaters, and two water meters serve the property.
The site has both street and alley access in Logan Heights, near Downtown San Diego. Major freeways, the Coronado Bridge, San Diego Bay, beaches, dining, shopping, coffee shops, breweries, and nightlife are identified among the nearby destinations. Walk Score is 70, Bike Score is 59, and Transit Score is 51.
The site has both street and alley access in Logan Heights, near Downtown San Diego. Major freeways, the Coronado Bridge, San Diego Bay, beaches, dining, shopping, coffee shops, breweries, and nightlife are identified among the nearby destinations. Walk Score is 70, Bike Score is 59, and Transit Score is 51.
Key Highlights
- Three residences: front 3‑bedroom, 2‑bath home, attached 1‑bedroom, 1‑bath unit, and detached 3‑bedroom, 1‑bath home
- 8,017 sq. ft. lot with street and alley access
- Private driveway accessed from the alley
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
$46,754
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
3.60%
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%
$935,080
$935.1K
Cap Rate 7%
$667,914
$667.9K
Cap Rate 9%
$519,489
$519.5K
Market Conditions
NOI Build-Up for 2,610 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
$70.5K $27.00/SF
− Vacancy
−$3.7K −$1.41/SF
EGI
$66.8K $25.59/SF
− OpEx
−$20.0K −$7.68/SF
NOI
$46.8K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
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%
$935,080
Cap Rate 7%
$667,914
Cap Rate 9%
$519,489
Alternative Uses
Best Use
Multifamily LT 5
$667.9K
$584.4K – $779.2K
NOI $46,754 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$616.3K
$539.2K – $719.0K
NOI $43,138 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$1.03M
$902.0K – $1.20M
NOI $72,161 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,443
Businesses Nearby
Explore this area
Business Placement
Demographics for 92113, CA
50,457
Population
14,443
Households
3.5
Avg Household Size
32
Median Age
11%
College-Educated
69%
High-School Grad
4.5 sq mi
ZIP Area
11,213
Density / Sq Mi
$59,177
Median Household Income
$31,099
Median Earnings
$1,608
Median Rent
$559,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three distinct residences feature separate fenced outdoor areas, laundry hookups, and individual gas meters.
Where is this triplex located?
The property is located at 3019 23 Martin Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,299,995.
What are key features of this property?
This property features: Three residences: front 3‑bedroom, 2‑bath home, attached 1‑bedroom, 1‑bath unit, and detached 3‑bedroom, 1‑bath home; 8,017 sq. ft. lot with street and alley access; Private driveway accessed from the alley
