Updated Duplex with Private
For Sale
$1,365,000
Pending
3420-22 Cherokee Ave., San Diego, CA 92104
MULTI_FAMILY - San Diego, CA
Property Size2,170 SF
Lot Size0.12 Acres
Days on Market25
Property Features for 3420-22 Cherokee Ave.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 5
Pets allowed
Yes
Subdivision
NORTH PARK
Standard status
Pending
APN
447-703-15-00
Size
2,170 SF
Lot size
0.12 Acres
Amenities
private patio areas
individual in-unit laundry
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Emma Lefkowitz · License #01480896
(858) 880-5989
Added: Jul 15
Changed: Aug 6
Last Checked: Aug 8 at 7:06AM
MLS# 260011402
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two detached residences totaling 2,170 square feet. The front home offers 3 bedrooms and 2 bathrooms, while the rear home includes 2 bedrooms and 1 bathroom. Improvements in the front residence include hardwood floors, glass shower enclosures, and a remodeled kitchen with stainless steel appliances, cabinetry, and a gas stove. The rear unit has also been updated, and both homes provide private patio areas and individual in-unit laundry.
Located at 3420-22 Cherokee Ave. in San Diego’s North Park neighborhood, the property sits at the end of a quiet no-outlet street. A long driveway leads to a single-car garage, and the parcel measures 0.1237 acres. The property was built in 1940, has a composition roof, and carries R-2 zoning. The rear residence has a history of stable, long-term occupancy.
Located at 3420-22 Cherokee Ave. in San Diego’s North Park neighborhood, the property sits at the end of a quiet no-outlet street. A long driveway leads to a single-car garage, and the parcel measures 0.1237 acres. The property was built in 1940, has a composition roof, and carries R-2 zoning. The rear residence has a history of stable, long-term occupancy.
Key Highlights
- Two‑residence duplex with a 3BR/2BA front home and 2BR/1BA rear home
- 2,170 square feet on a 0.1237‑acre parcel
- Both residences include private patios and individual in‑unit laundry
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
$38,872
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
2.85%
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%
$777,440
$777.4K
Cap Rate 7%
$555,314
$555.3K
Cap Rate 9%
$431,911
$431.9K
Market Conditions
NOI Build-Up for 2,170 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
$58.6K $27.00/SF
− Vacancy
−$3.1K −$1.41/SF
EGI
$55.5K $25.59/SF
− OpEx
−$16.7K −$7.68/SF
NOI
$38.9K $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%
$777,440
Cap Rate 7%
$555,314
Cap Rate 9%
$431,911
Alternative Uses
Best Use
Multifamily LT 5
$555.3K
$485.9K – $647.9K
NOI $38,872 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$512.4K
$448.3K – $597.8K
NOI $35,866 @ 7.0% cap · market cap 2.63%
Theoretical Best
Specialty Retail
$857.1K
$750.0K – $999.9K
NOI $59,996 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 92104, CA
44,265
Population
24,580
Households
1.8
Avg Household Size
36
Median Age
55%
College-Educated
94%
High-School Grad
3.7 sq mi
ZIP Area
11,964
Density / Sq Mi
$92,862
Median Household Income
$60,195
Median Earnings
$1,925
Median Rent
$861,600
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?
Duplex - Separate laundry facilities serve both residences, with a single-car garage and extended driveway on an R-2-zoned parcel.
Where is this duplex located?
The property is located at 3420-22 Cherokee Ave. San Diego, CA.
What is the asking price?
The asking price for this property is $1,365,000.
What are key features of this property?
This property features: Two‑residence duplex with a 3BR/2BA front home and 2BR/1BA rear home; 2,170 square feet on a 0.1237‑acre parcel; Both residences include private patios and individual in‑unit laundry
