Rebuilt Duplex
For Sale
Contact for pricing
3675-3677 Marlborough Ave, San Diego, CA 92105
The property combines a rebuilt front unit with three rear duplexes, individual utility metering, and R-2:MINOR zoning.
Property Size5,400 SF
Price / SF$481.48
Days on Market241
Property Features for 3675-3677 Marlborough Ave
General Information
Standard status
Active
Size
5,400 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
R-2:MINOR
Additional Details
Cap Rate
5.6%
Building Details
Buildings
4
Stories
2
Units
7
Listing Agency:
Voak Homes
Listed By:
Scott Voak · License #01153157
Source:
Crexi
Added: Jan 1
Changed: Aug 29
Last Checked: Aug 29 at 10:40PM
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 Voak Homes
Investment Insights
Based on property information with market context.
This 5,400-square-foot residential income property includes a front single-story unit reconstructed from the studs and three duplexes positioned behind it. The improvements were rebuilt in 2025-26, with the rear units completed as new construction. Water and electric service are individually metered, and tenants are responsible for their own utilities.
The property is zoned R-2:MINOR. Two rear units are designated for low-income occupancy for a 15-year period. Two leases have been committed but remain unsigned while SDGE works through the final meter installation schedule, with occupancy targeted for February 1.
The property is zoned R-2:MINOR. Two rear units are designated for low-income occupancy for a 15-year period. Two leases have been committed but remain unsigned while SDGE works through the final meter installation schedule, with occupancy targeted for February 1.
Key Highlights
- 5,400‑square‑foot residential income property with a front single‑story unit and three rear duplexes
- Front unit rebuilt from the studs; rear units completed as new construction in 2025‑26
- Water and electric service individually metered for the units
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
$109,630
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
4.22%
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%
$2,192,600
$2.2M
Cap Rate 7%
$1,566,143
$1.6M
Cap Rate 9%
$1,218,111
$1.2M
Market Conditions
NOI Build-Up for 5,400 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
$165.2K $30.60/SF
− Vacancy
−$8.6K −$1.60/SF
EGI
$156.6K $29.00/SF
− OpEx
−$47.0K −$8.70/SF
NOI
$109.6K $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%
$2,192,600
Cap Rate 7%
$1,566,143
Cap Rate 9%
$1,218,111
Alternative Uses
Best Use
Multifamily LT 5
$1.57M
$1.37M – $1.83M
NOI $109,630 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $101,039 @ 7.0% cap · market cap 3.89%
Theoretical Best
Specialty Retail
$2.13M
$1.87M – $2.49M
NOI $149,299 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,300
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?
Duplex - The property combines a rebuilt front unit with three rear duplexes, individual utility metering, and R-2:MINOR zoning.
Where is this duplex located?
The property is located at 3675-3677 Marlborough Ave San Diego, CA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 5,400‑square‑foot residential income property with a front single‑story unit and three rear duplexes; Front unit rebuilt from the studs; rear units completed as new construction in 2025‑26; Water and electric service individually metered for the units
