Two-Bedroom Residential Income
For Sale
$234,900
33-2950 Iris Ave, San Diego, CA 92154
2016 residence with a den, two bathrooms, covered parking, and a porch in a 55+ community.
Property Size1,140 SF
Price / SF$206.05
Days on Market297
Property Features for 33-2950 Iris Ave
General Information
Standard status
Active
Size
1,140 SF
Property subtype
Manufactured In Park
Units
Unit Mix
1 x 2BR+Den/2BA
Multifamily Units
1
Additional Details
Average Monthly Rent
$1,115
Amenities
Carport
Porch
appliances included
Building Details
Year Built
2016
Listing Agency:
Homes Chula Vista
(619) 345-0568
Listed By:
Ignacio Yanez-O'Hara
(619) 551-0420
Source:
Exprealty
Added: Nov 11, 2025
Changed: Aug 31
Last Checked: Sep 2 at 12:12AM
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 Homes Chula Vista
Investment Insights
Based on property information with market context.
This 2016 residential income property offers 1,140 square feet with two bedrooms, a den currently used as a third bedroom, and two bathrooms. The home includes appliances, a spacious carport, and a porch.
The property is located within a senior park with age requirements of 55+ for at least one resident and 18+ for other occupants. Its setting is described as quiet, and the residence is offered with the existing park occupancy requirements.
The property is located within a senior park with age requirements of 55+ for at least one resident and 18+ for other occupants. Its setting is described as quiet, and the residence is offered with the existing park occupancy requirements.
Key Highlights
- 2016 residence with 1,140 square feet of living area
- Two bedrooms plus a den currently used as a third bedroom
- Two bathrooms
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
$21,489
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
9.15%
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%
$429,780
$429.8K
Cap Rate 7%
$306,986
$307.0K
Cap Rate 9%
$238,767
$238.8K
Market Conditions
NOI Build-Up for 1,140 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
$41.0K $36.00/SF
− Vacancy
−$2.0K −$1.73/SF
EGI
$39.1K $34.27/SF
− OpEx
−$17.6K −$15.42/SF
NOI
$21.5K $18.85/SF
Area
ZIP 92154
Vacancy
4.80%
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%
$429,780
Cap Rate 7%
$306,986
Cap Rate 9%
$238,767
Alternative Uses
Best Use
Apartment 5plus
$307.0K
$268.6K – $358.2K
NOI $21,489 @ 7.0% cap · market cap 9.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$408.1K
$357.1K – $476.1K
NOI $28,564 @ 7.0% cap · market cap 12.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 92154, CA
84,027
Population
23,832
Households
3.5
Avg Household Size
36
Median Age
21%
College-Educated
80%
High-School Grad
51.3 sq mi
ZIP Area
1,638
Density / Sq Mi
$90,035
Median Household Income
$42,333
Median Earnings
$2,143
Median Rent
$606,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - 2016 residence with a den, two bathrooms, covered parking, and a porch in a 55+ community.
Where is this residential income property located?
The property is located at 33-2950 Iris Ave San Diego, CA.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: 2016 residence with 1,140 square feet of living area; Two bedrooms plus a den currently used as a third bedroom; Two bathrooms
