22-Unit Apartment Building with
For Sale
$4,750,000
3691 National, San Diego, CA 92113
Gated multifamily property with a predominantly one-bedroom unit mix, on-site laundry, and tenant parking.
Property Size12,077 SF
Price / SF$393.31
Days on Market100
Property Features for 3691 National
General Information
Standard status
Active
Size
12,077 SF
Total Parking Spaces
20
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
21 x 1BR/1BA, 1 x studio
Multifamily Units
22
Amenities
gated
on-site laundry
Building Details
Year Built
1990
Listing Agency:
South Coast Commercial, Inc.
Listed By:
Brendan J Flynn flynn@scc1031.com
Source:
Viewsandiegorealestate
Added: May 22
Changed: Aug 29
Last Checked: Aug 29 at 10:37AM
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 South Coast Commercial, Inc.
Investment Insights
Based on property information with market context.
This 22-unit apartment property in San Diego’s Southcrest neighborhood combines an original 15-unit complex with seven newly built ADUs, with certificates of occupancy available. The 1990 construction includes twenty-one one-bedroom, one-bath units and one studio. The gated community also provides on-site laundry, nine garages, and 11 additional off-street parking spaces for tenants.
Positioned at the corner of National Avenue and 37th Street, the property sits between I-5 and I-805. The building contains 12,077 square feet and offers a mix of established apartment units and newer ADU improvements within one multifamily asset.
Positioned at the corner of National Avenue and 37th Street, the property sits between I-5 and I-805. The building contains 12,077 square feet and offers a mix of established apartment units and newer ADU improvements within one multifamily asset.
Key Highlights
- 22‑unit multifamily property with 21 one‑bedroom units and one studio
- Seven newly built ADUs with certificates of occupancy available
- Built in 1990; total building size is 12,077 square feet
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
$199,609
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
4.20%
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%
$3,992,180
$4.0M
Cap Rate 7%
$2,851,557
$2.9M
Cap Rate 9%
$2,217,878
$2.2M
Market Conditions
NOI Build-Up for 12,077 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
$384.0K $31.80/SF
− Vacancy
−$21.1K −$1.75/SF
EGI
$362.9K $30.05/SF
− OpEx
−$163.3K −$13.52/SF
NOI
$199.6K $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%
$3,992,180
Cap Rate 7%
$2,851,557
Cap Rate 9%
$2,217,878
Alternative Uses
Best Use
Apartment 5plus
$2.85M
$2.50M – $3.33M
NOI $199,609 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.77M
$4.17M – $5.57M
NOI $333,905 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
625
Businesses Nearby
Explore this area
Business Placement
Demographics for 92113, CA
50,457
Population
14,443
Households
3.5
Avg Household Size
32
Median Age
11%
College-Educated
69%
High-School Grad
4.5 sq mi
ZIP Area
11,213
Density / Sq Mi
$59,177
Median Household Income
$31,099
Median Earnings
$1,608
Median Rent
$559,100
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?
Apartment building - Gated multifamily property with a predominantly one-bedroom unit mix, on-site laundry, and tenant parking.
Where is this apartment building located?
The property is located at 3691 National San Diego, CA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: 22‑unit multifamily property with 21 one‑bedroom units and one studio; Seven newly built ADUs with certificates of occupancy available; Built in 1990; total building size is 12,077 square feet
