Renovated
For Sale
Contact for pricing
3736-38 46th Street, San Diego, CA 92105
Two detached residences offer independent metering, updated interiors, and separate household layouts on one lot.
Property Size2,065 SF
Price / SF$459.56
Days on Market134
Property Features for 3736-38 46th Street
General Information
Standard status
Active
Size
2,065 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1943
Buildings
2
Units
2
Listing Agency:
First Reliant Inc
Listed By:
Eduardo Orozco · License #02144729
Source:
Crexi
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 7:01AM
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 First Reliant Inc
Investment Insights
Based on property information with market context.
This duplex property includes two fully detached homes with independent meters and a combined property size of 2,065 square feet. Each residence provides two bedrooms and one bathroom. The front home spans nearly 1,000 square feet and includes a spacious yard, while the second home offers approximately 1,100 square feet. Both units have undergone extensive renovation with updated kitchens, remodeled bathrooms, new flooring, fresh paint, air conditioning, and stainless steel appliances.
The property is located at 3736-38 46th Street in San Diego, near Rosa Parks Elementary, the City Heights Recreation Center, and local shopping. Built in 1943, the duplex offers separate residential structures with updated interior finishes and individual utility metering.
The property is located at 3736-38 46th Street in San Diego, near Rosa Parks Elementary, the City Heights Recreation Center, and local shopping. Built in 1943, the duplex offers separate residential structures with updated interior finishes and individual utility metering.
Key Highlights
- Two fully detached homes on one lot with independent metering
- Combined property size of 2,065 square feet
- Each unit includes 2 bedrooms 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
$41,923
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
4.42%
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%
$838,460
$838.5K
Cap Rate 7%
$598,900
$598.9K
Cap Rate 9%
$465,811
$465.8K
Market Conditions
NOI Build-Up for 2,065 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
$63.2K $30.60/SF
− Vacancy
−$3.3K −$1.60/SF
EGI
$59.9K $29.00/SF
− OpEx
−$18.0K −$8.70/SF
NOI
$41.9K $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%
$838,460
Cap Rate 7%
$598,900
Cap Rate 9%
$465,811
Alternative Uses
Best Use
Multifamily LT 5
$598.9K
$524.0K – $698.7K
NOI $41,923 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$552.0K
$483.0K – $644.0K
NOI $38,638 @ 7.0% cap · market cap 4.07%
Theoretical Best
Specialty Retail
$815.6K
$713.7K – $951.6K
NOI $57,093 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,592
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two detached residences offer independent metering, updated interiors, and separate household layouts on one lot.
Where is this duplex located?
The property is located at 3736-38 46th Street San Diego, CA.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Two fully detached homes on one lot with independent metering; Combined property size of 2,065 square feet; Each unit includes 2 bedrooms and 1 bathroom
