La Playa Eight-Unit Apartment
For Sale
Contact for pricing
375-81 Rosecrans Street, San Diego, CA 92106
Eight-unit apartment building in Point Loma's La Playa neighborhood.
Property Size7,153 SF
Price / SF$516.57
Days on Market237
Property Features for 375-81 Rosecrans Street
General Information
Standard status
Active
Size
7,153 SF
Property subtype
Multifamily
Building Details
Buildings
1
Stories
2
Units
8
Listing Agency:
The Equity Company
(619) 528-2337
Listed By:
Andrew Gilcrest · License #00984109
Source:
Crexi
Added: Dec 19, 2025
Changed: Aug 7
Last Checked: Aug 12 at 9:31AM
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 The Equity Company
Investment Insights
Based on property information with market context.
This is a rare opportunity to own an eight-unit apartment building in the La Playa neighborhood of Point Loma. The property is located one block from Kellogg Beach, with close access to the La Playa Trail, Bassemer Foot Path, and The San Diego Yacht Club. Shelter Island, Downtown San Diego, and the airport are all within minutes, accessible without freeway travel. The building contains seven 2-bedroom, 1-bathroom units and one 3-bedroom, 2-bathroom unit. The property, constructed in the 1950s, offers potential as vacation units. The property size is 7153 square feet.
Key Highlights
- Rare 8‑unit apartment building in the highly desirable La Playa neighborhood of Point Loma.
- Located just one block from Kellogg Beach and close to the La Playa Trail.
- Excellent location with convenient access to Shelter Island, Downtown San Diego, and the airport.
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
$118,225
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
3.20%
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%
$2,364,500
$2.4M
Cap Rate 7%
$1,688,929
$1.7M
Cap Rate 9%
$1,313,611
$1.3M
Market Conditions
NOI Build-Up for 7,153 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
$227.5K $31.80/SF
− Vacancy
−$12.5K −$1.75/SF
EGI
$215.0K $30.05/SF
− OpEx
−$96.7K −$13.52/SF
NOI
$118.2K $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%
$2,364,500
Cap Rate 7%
$1,688,929
Cap Rate 9%
$1,313,611
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,225 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.83M
$2.47M – $3.30M
NOI $197,766 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
Businesses Nearby
Explore this area
Business Placement
Demographics for 92106, CA
20,214
Population
7,908
Households
2.6
Avg Household Size
39
Median Age
63%
College-Educated
97%
High-School Grad
5.7 sq mi
ZIP Area
3,546
Density / Sq Mi
$127,209
Median Household Income
$55,428
Median Earnings
$2,231
Median Rent
$1,359,000
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 - Eight-unit apartment building in Point Loma's La Playa neighborhood.
Where is this apartment building located?
The property is located at 375-81 Rosecrans Street San Diego, CA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: Rare 8‑unit apartment building in the highly desirable La Playa neighborhood of Point Loma.; Located just one block from Kellogg Beach and close to the La Playa Trail.; Excellent location with convenient access to Shelter Island, Downtown San Diego, and the airport.
