Vista Multifamily Investment
For Sale
$11,750,000
Pending
380 Plymouth Drive, Vista, CA 92083
32-unit apartment community with value-add potential in Vista, California.
Property Size27,168 SF
Lot Size1.45 Acres
Days on Market426
Property Features for 380 Plymouth Drive
General Information
Standard status
Pending
Size
27,168 SF
Lot size
1.45 Acres
Property subtype
Commercial-Res Income / Com-Res Income
Zoning
R-3:RESTRI
Amenities
2
0.0
1
Listing Agency:
Bridgepoint Realty Inc
(858) 284-0371
Listed By:
Abe Peay · License #01935689
(858) 284-0371
Source:
Compass
Added: Jun 24, 2025
Changed: Aug 23
Last Checked: Aug 3 at 11:51AM
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 Bridgepoint Realty Inc
Investment Insights
Based on property information with market context.
Plymouth Heights, located at 380 Plymouth Drive in Vista, California, is a 32-unit apartment community constructed in 1986. The property is situated on a 63,000 square foot lot and comprises 27,168 square feet of building area. The unit mix includes nineteen 950 square foot 2-bedroom/2-bathroom units and thirteen 750 square foot 1-bedroom/1-bathroom units. The property also features 32 covered carports and 19 open parking spaces. This presents a value-add opportunity with potential to increase current rents. The property benefits from a $7,300,000 assumable first trust deed with 10 years remaining at a fixed interest-only rate of 5%. The property has been meticulously maintained since its construction, fostering a sense of community among long-term tenants. Recent upgrades include resealed balconies, new roof underlayment and tiles, and the removal of a pool, resulting in water savings and reduced insurance premiums.
Key Highlights
- Assumable $7,300,000 1st trust deed with 10 years remaining at a fixed, interest‑only rate of 5%.
- Significant value‑add opportunity with upside in current rents.
- Well‑maintained property with long‑term tenants and a strong sense of community.
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
$451,410
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
3.84%
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%
$9,028,200
$9.0M
Cap Rate 7%
$6,448,714
$6.4M
Cap Rate 9%
$5,015,667
$5.0M
Market Conditions
NOI Build-Up for 27,168 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
$863.9K $31.80/SF
− Vacancy
−$43.2K −$1.59/SF
EGI
$820.7K $30.21/SF
− OpEx
−$369.3K −$13.59/SF
NOI
$451.4K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
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%
$9,028,200
Cap Rate 7%
$6,448,714
Cap Rate 9%
$5,015,667
Alternative Uses
Best Use
Apartment 5plus
$6.45M
$5.64M – $7.52M
NOI $451,410 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.45M
$10.89M – $14.52M
NOI $871,323 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 92083, CA
39,219
Population
11,901
Households
3.3
Avg Household Size
33
Median Age
20%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
7,131
Density / Sq Mi
$82,614
Median Household Income
$40,145
Median Earnings
$2,104
Median Rent
$607,400
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 - 32-unit apartment community with value-add potential in Vista, California.
Where is this apartment building located?
The property is located at 380 Plymouth Drive Vista, CA.
What is the asking price?
The asking price for this property is $11,750,000.
What are key features of this property?
This property features: Assumable $7,300,000 1st trust deed with 10 years remaining at a fixed, interest‑only rate of 5%.; Significant value‑add opportunity with upside in current rents.; Well‑maintained property with long‑term tenants and a strong sense of community.
