Two-Home Duplex with
For Sale
$899,900
38 Reo Dr., San Diego, CA 92139
Two separate residences offer distinct living areas, private outdoor space, and flexible parking arrangements.
Property Size2,174 SF
Days on Market126
Property Features for 38 Reo Dr.
General Information
Standard status
Active
Size
2,174 SF
Property subtype
Investment
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Building Size
2,174 SF
Year Built
1970
Buildings
2
Units
2
Listing Agency:
Coldwell Banker West
(619) 227-8309
Listed By:
Irasema Page · License #01466994
(619) 227-8309
Source:
Elliman
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 30 at 6:23PM
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 Coldwell Banker West
Investment Insights
Based on property information with market context.
This duplex includes two separate homes on one lot. The front residence, estimated to date to the 1950s, contains 2 bedrooms and 1 bath along with living and dining rooms, a galley kitchen, an attached covered patio, an oversized 1-car garage, and a private yard with fruit trees. The rear residence was built in 1970 and provides 2 bedrooms, 1 bath, a combined living and dining area, a private side yard, and use of a detached 2-car garage.
The driveway can accommodate an RV or 2+Car Parking Spaces. The detached garage may offer the possibility of conversion to a 1-bedroom ADU, subject to buyer verification. Located at 38 Reo Dr. in San Diego, the property has a walk score of 25, a bike score of 18, and a transit score of 31.
The driveway can accommodate an RV or 2+Car Parking Spaces. The detached garage may offer the possibility of conversion to a 1-bedroom ADU, subject to buyer verification. Located at 38 Reo Dr. in San Diego, the property has a walk score of 25, a bike score of 18, and a transit score of 31.
Key Highlights
- Two residences situated on one lot
- Front home includes 2 bedrooms, 1 bath, attached covered patio, oversized 1‑car garage, and private yard
- Rear home built in 1970 with 2 bedrooms, 1 bath, private side yard, and detached 2‑car garage access
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
$38,944
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
4.33%
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%
$778,880
$778.9K
Cap Rate 7%
$556,343
$556.3K
Cap Rate 9%
$432,711
$432.7K
Market Conditions
NOI Build-Up for 2,174 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
$58.7K $27.00/SF
− Vacancy
−$3.1K −$1.41/SF
EGI
$55.6K $25.59/SF
− OpEx
−$16.7K −$7.68/SF
NOI
$38.9K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$778,880
Cap Rate 7%
$556,343
Cap Rate 9%
$432,711
Alternative Uses
Best Use
Multifamily LT 5
$556.3K
$486.8K – $649.1K
NOI $38,944 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$513.3K
$449.2K – $598.9K
NOI $35,932 @ 7.0% cap · market cap 3.99%
Theoretical Best
Specialty Retail
$858.7K
$751.3K – $1.00M
NOI $60,107 @ 7.0% cap · market cap 6.68%
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
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 92139, CA
35,771
Population
10,610
Households
3.4
Avg Household Size
37
Median Age
25%
College-Educated
86%
High-School Grad
3.6 sq mi
ZIP Area
9,936
Density / Sq Mi
$92,381
Median Household Income
$41,450
Median Earnings
$2,107
Median Rent
$598,500
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 - Two separate residences offer distinct living areas, private outdoor space, and flexible parking arrangements.
Where is this duplex located?
The property is located at 38 Reo Dr. San Diego, CA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Two residences situated on one lot; Front home includes 2 bedrooms, 1 bath, attached covered patio, oversized 1‑car garage, and private yard; Rear home built in 1970 with 2 bedrooms, 1 bath, private side yard, and detached 2‑car garage access
