Updated Triplex with Rear
For Sale
$1,179,000
3581-85 45th St, San Diego, CA 92105
Three residences combine an updated primary home with separately entered one-bedroom units and private alley access.
Property Size2,200 SF
Days on Market19
Property Features for 3581-85 45th St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi Family Home
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Building Details
Building Size
2,200 SF
Year Built
1960
Buildings
3
Stories
1
Units
3
Listing Agency:
LPT Realty, Inc
(619) 855-5187
Listed By:
Liz Pereda · License #02219207
(619) 855-5187
Source:
Americangrouponline
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 30 at 3:10PM
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 LPT Realty, Inc
Investment Insights
Based on property information with market context.
This triplex contains three separate residences. The front home offers 3 bedrooms and 2 bathrooms, along with an updated interior, open living areas, and a modern kitchen. It also includes a private front yard and off-street parking along the side of the property.
Two additional 1-bedroom, 1-bathroom units are positioned at the rear. Each has its own entrance and access from a private alley, providing separation among the residences. Built in 1960, the property is located at 3581-85 45th St in San Diego’s City Heights area, with access to shopping, dining, freeways, and broader San Diego destinations.
Two additional 1-bedroom, 1-bathroom units are positioned at the rear. Each has its own entrance and access from a private alley, providing separation among the residences. Built in 1960, the property is located at 3581-85 45th St in San Diego’s City Heights area, with access to shopping, dining, freeways, and broader San Diego destinations.
Key Highlights
- Three‑unit triplex configuration
- Front residence includes 3 bedrooms and 2 bathrooms
- Two rear units each feature 1 bedroom and 1 bathroom
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
$44,664
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
3.79%
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%
$893,280
$893.3K
Cap Rate 7%
$638,057
$638.1K
Cap Rate 9%
$496,267
$496.3K
Market Conditions
NOI Build-Up for 2,200 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
$67.3K $30.60/SF
− Vacancy
−$3.5K −$1.60/SF
EGI
$63.8K $29.00/SF
− OpEx
−$19.1K −$8.70/SF
NOI
$44.7K $20.30/SF
Area
ZIP 92105
Vacancy
5.22%
Lease Rate
$30.60 /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%
$893,280
Cap Rate 7%
$638,057
Cap Rate 9%
$496,267
Alternative Uses
Best Use
Multifamily LT 5
$638.1K
$558.3K – $744.4K
NOI $44,664 @ 7.0% cap · market cap 3.79%
Second Best
Apartment 5plus
$588.1K
$514.6K – $686.1K
NOI $41,164 @ 7.0% cap · market cap 3.49%
Theoretical Best
Specialty Retail
$868.9K
$760.3K – $1.01M
NOI $60,826 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,356
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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?
Triplex - Three residences combine an updated primary home with separately entered one-bedroom units and private alley access.
Where is this triplex located?
The property is located at 3581-85 45th St San Diego, CA.
What is the asking price?
The asking price for this property is $1,179,000.
What are key features of this property?
This property features: Three‑unit triplex configuration; Front residence includes 3 bedrooms and 2 bathrooms; Two rear units each feature 1 bedroom and 1 bathroom
