Multifamily Property with Development
For Sale
$1,650,000
3206-16 Reynard Way, San Diego, CA 92103
Urban-core San Diego asset with RM-3-7 zoning and existing income in place.
Property Size8,067 SF
Price / SF$204.54
Days on Market64
Property Features for 3206-16 Reynard Way
General Information
Standard status
Active
Size
8,067 SF
Property subtype
Commercial-Res Income / Com-Res Income
Zoning
RM-3-7
Amenities
1
6.0
6
Listing Agency:
Compass
(858) 221-9649
Listed By:
Derek Kaptanoglu · License #02043281
(858) 221-9649
Source:
Compass
Added: Jun 30
Changed: Aug 31
Last Checked: Aug 31 at 10:18PM
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 multifamily property at 3206-16 Reynard Way provides 8,067 SF of property area within San Diego’s urban core. The asset is positioned as an income-producing residential property with existing day-one income, supporting immediate operations rather than a vacant-site strategy.
RM-3-7 zoning creates a framework for multifamily use and potential future redevelopment. The property also offers the possibility of pursuing additional rental growth over time, subject to applicable approvals and market conditions. Its urban-core setting and residential zoning give the site relevance for investors evaluating both current income and longer-term property configuration.
RM-3-7 zoning creates a framework for multifamily use and potential future redevelopment. The property also offers the possibility of pursuing additional rental growth over time, subject to applicable approvals and market conditions. Its urban-core setting and residential zoning give the site relevance for investors evaluating both current income and longer-term property configuration.
Key Highlights
- 8,067 SF multifamily property
- RM‑3‑7 zoning
- Located at 3206‑16 Reynard Way, San Diego, CA 92103
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
$133,332
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
8.08%
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%
$2,666,640
$2.7M
Cap Rate 7%
$1,904,743
$1.9M
Cap Rate 9%
$1,481,467
$1.5M
Market Conditions
NOI Build-Up for 8,067 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
$256.5K $31.80/SF
− Vacancy
−$14.1K −$1.75/SF
EGI
$242.4K $30.05/SF
− OpEx
−$109.1K −$13.52/SF
NOI
$133.3K $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%
$2,666,640
Cap Rate 7%
$1,904,743
Cap Rate 9%
$1,481,467
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.67M – $2.22M
NOI $133,332 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.19M
$2.79M – $3.72M
NOI $223,036 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,126
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?
Multifamily property - Urban-core San Diego asset with RM-3-7 zoning and existing income in place.
Where is this multifamily property located?
The property is located at 3206-16 Reynard Way San Diego, CA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 8,067 SF multifamily property; RM‑3‑7 zoning; Located at 3206‑16 Reynard Way, San Diego, CA 92103
