Canyon-Facing 4-Unit Apartment
For Sale
$1,895,000
3553 Landis St, San Diego, CA 92104
Built in 1987, the property includes four large 3BR/2BA units on a flat lot.
Property Size3,660 SF
Lot Size0.21 Acres
Days on Market53
Property Features for 3553 Landis St
General Information
Standard status
Active
Size
3,660 SF
Lot size
0.21 Acres
Property subtype
Multifamily
Occupancy
97%
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
Prime 92104 North Park Zip Code
Amazing Unit Mix of Four 3BR/2Bath Units built in 1987
Plenty of Off Street Parking as well as On Site Laundry & Some Units with Large Decks
Sprawling .21 Acre Lot
Plans in Process to Add 2 Accessory Dwelling Units (ADU's)
Once ADU's are completed the Property will generate over $200,000/Yr in Gross Rents
Current Income produces one of the Highest Returns Available for a 2-4 Unit Investment
Will Qualify for 30 Yr Fixed Financing with as much as 75% Leveraged Financing
Building Details
Building Size
3,660 SF
Year Built
1987
Units
4
Listed By:
Tom McCartin · License #License(s): CA: 01427348
(858) 373-3196
Source:
Marcusmillichap
Added: Jul 19
Changed: Sep 6
Last Checked: Sep 8 at 3:36AM
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 Tom McCartin
Investment Insights
Based on property information with market context.
Landis Canyon Apartments is a canyon-facing 4-unit apartment property built in 1987. The building is configured with four large 3BR/2BA units on a flat lot, with current income reported at approximately $11,400 per month.
Architectural plans are in place to add two additional units, including combinations of 2BR/2BA and 3BR/3BA layouts. The projected additional income is cited at approximately $7,000 per month.
The property is centrally located in the 92104 zip code, positioned between the 805 and 15 freeways. The remarks also note that tenants have walkable access to retail, dining, and entertainment, with proximity to North Park, South Park, and Normal Heights.
Architectural plans are in place to add two additional units, including combinations of 2BR/2BA and 3BR/3BA layouts. The projected additional income is cited at approximately $7,000 per month.
The property is centrally located in the 92104 zip code, positioned between the 805 and 15 freeways. The remarks also note that tenants have walkable access to retail, dining, and entertainment, with proximity to North Park, South Park, and Normal Heights.
Key Highlights
- Landis Canyon Apartments is a 4‑unit property built in 1987 with four large 3BR/2BA units.
- Flat 0.21‑acre lot with canyon‑facing units.
- Centrally located between I‑805 and I‑15, near North Park, South Park, and Normal Heights.
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
$60,493
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
3.19%
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%
$1,209,860
$1.2M
Cap Rate 7%
$864,186
$864.2K
Cap Rate 9%
$672,144
$672.1K
Market Conditions
NOI Build-Up for 3,660 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
$116.4K $31.80/SF
− Vacancy
−$6.4K −$1.75/SF
EGI
$110.0K $30.05/SF
− OpEx
−$49.5K −$13.52/SF
NOI
$60.5K $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%
$1,209,860
Cap Rate 7%
$864,186
Cap Rate 9%
$672,144
Alternative Uses
Best Use
Apartment 5plus
$864.2K
$756.2K – $1.01M
NOI $60,493 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.45M
$1.26M – $1.69M
NOI $101,192 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,171
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Built in 1987, the property includes four large 3BR/2BA units on a flat lot.
Where is this multifamily property located?
The property is located at 3553 Landis St San Diego, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Landis Canyon Apartments is a 4‑unit property built in 1987 with four large 3BR/2BA units.; Flat 0.21‑acre lot with canyon‑facing units.; Centrally located between I‑805 and I‑15, near North Park, South Park, and Normal Heights.
