San Diego Multifamily Investment
For Sale
$1,385,000
351 363 Gavin St, San Diego, CA 92102
Four freestanding units near Downtown San Diego with upside potential.
Property Size3,000 SF
Price / SF$461.67
Days on Market102
Property Features for 351 363 Gavin St
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Investment
Building Details
Year Built
1973
Stories
1
Units
4
Listing Agency:
SVN Vanguard
(760) 815-9559
Listed By:
Nicole Astorga
(760) 815-9559
Source:
Elliman
Added: May 20
Changed: Aug 28
Last Checked: Aug 29 at 10:04AM
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 SVN Vanguard
Investment Insights
Based on property information with market context.
Located in the 92102 submarket, just minutes from Downtown San Diego and major employment corridors, 351–363 Gavin Street presents an infill investment opportunity. The property consists of four freestanding units, each with 2 bedrooms and 1 bath, situated on two parcels. Each unit is approximately 750 square feet. Positioned in a supply-constrained urban market, the property benefits from strong long-term demand drivers, walkable neighborhood amenities, and efficient access throughout the greater San Diego region. The location has a bike score of 50, indicating it is bikeable, a walk score of 70, indicating it is somewhat walkable, and a transit score of 49, indicating some transit options are available. This offering is suited for investors seeking a centrally located asset with durable fundamentals and potential upside through property improvements, streamlined operations, repositioning, or future redevelopment. The buyer is responsible for verifying redevelopment potential. The property is HAP subsidized, and all units are on month-to-month tenancy.
Key Highlights
- Located minutes from Downtown San Diego and major employment corridors.
- Four freestanding 2 bedroom, 1 bath units.**
- Infill location in a supply‑constrained urban market.
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
$53,740
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
3.88%
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%
$1,074,800
$1.1M
Cap Rate 7%
$767,714
$767.7K
Cap Rate 9%
$597,111
$597.1K
Market Conditions
NOI Build-Up for 3,000 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
$81.0K $27.00/SF
− Vacancy
−$4.2K −$1.41/SF
EGI
$76.8K $25.59/SF
− OpEx
−$23.0K −$7.68/SF
NOI
$53.7K $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%
$1,074,800
Cap Rate 7%
$767,714
Cap Rate 9%
$597,111
Alternative Uses
Best Use
Multifamily LT 5
$767.7K
$671.8K – $895.7K
NOI $53,740 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$708.3K
$619.8K – $826.4K
NOI $49,584 @ 7.0% cap · market cap 3.58%
Theoretical Best
Specialty Retail
$1.18M
$1.04M – $1.38M
NOI $82,944 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Explore this area
Business Placement
Demographics for 92102, CA
39,783
Population
15,622
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
80%
High-School Grad
4.5 sq mi
ZIP Area
8,841
Density / Sq Mi
$71,319
Median Household Income
$40,142
Median Earnings
$1,855
Median Rent
$646,600
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?
Quadplex - Four freestanding units near Downtown San Diego with upside potential.
Where is this quadplex located?
The property is located at 351 363 Gavin St San Diego, CA.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: Located minutes from Downtown San Diego and major employment corridors.; Four freestanding 2 bedroom, 1 bath units.**; Infill location in a supply‑constrained urban market.
