Renovated Multifamily Apartment
For Sale
Contact for pricing
322 Hillside Terrace, Vista, CA 92084
32-unit Vista apartment property with extensive interior renovations, private patios or balconies, and gated access.
Property Size27,232 SF
Price / SF$358.03
Days on Market51
Property Features for 322 Hillside Terrace
General Information
Standard status
Active
Size
27,232 SF
Property subtype
Retail, Multifamily
Additional Details
Business Included
Yes
Multifamily Units
32
Building Details
Year Built
1988
Year Renovated
2018
Tenancy
Multi
Listing Agency:
TWG Commercial - The Weddle Group
Listed By:
Gary Weddle · License #01919292
Source:
Crexi
Added: Jun 17
Changed: Jul 10
Last Checked: Aug 4 at 5:19AM
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 TWG Commercial - The Weddle Group
Investment Insights
Based on property information with market context.
Hillside Terrace Apartments is a 32-unit multifamily community constructed in 1988. Approximately 85% of the unit interiors were comprehensively renovated in 2018, including modern kitchens with stainless steel appliances, quartz countertops, renovated bathrooms, and durable vinyl plank flooring. The unit mix includes twenty-four two-bedroom, two-bath apartments and eight one-bedroom, one-bath apartments, and each residence features a private patio or balcony with an individual storage closet. Common areas have also been updated with a renovated outdoor setting that includes barbecue stations, shaded patio dining, a quartz-topped fire pit gathering space, and professionally landscaped grounds.
The property is located at 322 Hillside Terrace in Vista, California, within walking distance of Downtown Vista and Paseo Santa Fe, which completed a full revitalization in 2020. Residents can also access a variety of restaurants, retail, breweries, and entertainment venues in the surrounding North County San Diego urban district.
This community offers an established residential income asset format with multiple unit types and in-unit outdoor space. On-site amenities include a modern laundry facility, ample parking, and controlled gated access, supporting day-to-day convenience for residents. The renovated interiors and updated common areas provide a practical foundation for continued operation as a multi-family housing property.
The property is located at 322 Hillside Terrace in Vista, California, within walking distance of Downtown Vista and Paseo Santa Fe, which completed a full revitalization in 2020. Residents can also access a variety of restaurants, retail, breweries, and entertainment venues in the surrounding North County San Diego urban district.
This community offers an established residential income asset format with multiple unit types and in-unit outdoor space. On-site amenities include a modern laundry facility, ample parking, and controlled gated access, supporting day-to-day convenience for residents. The renovated interiors and updated common areas provide a practical foundation for continued operation as a multi-family housing property.
Key Highlights
- 32‑unit multifamily community at 322 Hillside Terrace in Vista, built in 1988.
- Approximately 85% of unit interiors renovated in 2018 with modern kitchens, stainless steel appliances, quartz countertops, renovated bathrooms, and vinyl plank flooring.
- Unit mix includes 24 two‑bedroom, two‑bath units and 8 one‑bedroom, one‑bath units.
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
$452,473
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
4.64%
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%
$9,049,460
$9.0M
Cap Rate 7%
$6,463,900
$6.5M
Cap Rate 9%
$5,027,478
$5.0M
Market Conditions
NOI Build-Up for 27,232 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
$866.0K $31.80/SF
− Vacancy
−$43.3K −$1.59/SF
EGI
$822.7K $30.21/SF
− OpEx
−$370.2K −$13.59/SF
NOI
$452.5K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
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%
$9,049,460
Cap Rate 7%
$6,463,900
Cap Rate 9%
$5,027,478
Alternative Uses
Best Use
Apartment 5plus
$6.46M
$5.66M – $7.54M
NOI $452,473 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.48M
$10.92M – $14.56M
NOI $873,376 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,662
Businesses Nearby
Explore this area
Business Placement
Demographics for 92084, CA
49,941
Population
15,712
Households
3.2
Avg Household Size
37
Median Age
27%
College-Educated
83%
High-School Grad
28.3 sq mi
ZIP Area
1,765
Density / Sq Mi
$97,410
Median Household Income
$42,000
Median Earnings
$1,936
Median Rent
$745,800
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 - 32-unit Vista apartment property with extensive interior renovations, private patios or balconies, and gated access.
Where is this apartment building located?
The property is located at 322 Hillside Terrace Vista, CA.
What is the asking price?
The asking price for this property is $9,750,000.
What are key features of this property?
This property features: 32‑unit multifamily community at 322 Hillside Terrace in Vista, built in 1988.; Approximately 85% of unit interiors renovated in 2018 with modern kitchens, stainless steel appliances, quartz countertops, renovated bathrooms, and vinyl plank flooring.; Unit mix includes 24 two‑bedroom, two‑bath units and 8 one‑bedroom, one‑bath units.
