19-Unit Apartment
New
For Sale
$3,700,000
3829 Marlborough Ave, San Diego, CA 92105
Updated kitchens and bathrooms complement improvements to the building’s electrical and plumbing systems.
Property Size11,400 SF
Days on Market2
Property Features for 3829 Marlborough Ave
General Information
Standard status
Active
Size
11,400 SF
Property subtype
Multifamily
Occupancy
97%
Amenities
Efficient Unit Mix ? Comprised entirely of one-bedroom/one-bathroom residences averaging approximately 600 square feet.?
Major Infrastructure Improvements? Building has rebuilt plumbing systems and fully rewired electrical.
Upgraded Unit Interiors? All units feature renovated kitchens and bathrooms, stainless steel appliances, quartz countertops, updated cabinetry, and faux wood flooring.?
Abundant Off-Street Parking? Extensive tenant parking, including three (3) two-car garages and one (1) single-car garage.?
ADU Conversion Potential? Potential opportunity to convert existing garage or laundry areas into additional dwelling units.?
Central City Heights Location? Convenient access to major employment centers, freeways, public transportation, shopping, dining, and neighborhood amenities.
Building Details
Building Size
11,400 SF
Units
19
Listed By:
Chris Zorbas · License #License(s): CA: 01301418
(858) 373-3166
Source:
Marcusmillichap
Added: Sep 30
Last Checked: Oct 1 at 8:07AM
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 Chris Zorbas
Investment Insights
Based on property information with market context.
Built in 1972, this San Diego apartment property contains 19 one-bedroom, one-bathroom units averaging approximately 600 square feet each. The site encompasses approximately 0.32 acres. Electrical service has been rewired, and plumbing systems have been upgraded. Unit improvements include quartz counters, updated cabinetry with brushed-nickel hardware, stainless steel appliances, fresh paint, and faux-wood flooring.
Residents have off-street parking, including three two-car garages and one single-car garage. The property is at 3829 Marlborough Avenue in San Diego’s City Heights neighborhood.
Residents have off-street parking, including three two-car garages and one single-car garage. The property is at 3829 Marlborough Avenue in San Diego’s City Heights neighborhood.
Key Highlights
- 19 apartments, each with one bedroom and one bathroom
- Units average approximately 600 square feet
- Approximately 0.32‑acre site; built in 1972
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
$213,305
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
5.77%
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%
$4,266,100
$4.3M
Cap Rate 7%
$3,047,214
$3.0M
Cap Rate 9%
$2,370,056
$2.4M
Market Conditions
NOI Build-Up for 11,400 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
$410.4K $36.00/SF
− Vacancy
−$22.6K −$1.98/SF
EGI
$387.8K $34.02/SF
− OpEx
−$174.5K −$15.31/SF
NOI
$213.3K $18.71/SF
Area
ZIP 92105
Vacancy
5.50%
Lease Rate
$36.00 /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%
$4,266,100
Cap Rate 7%
$3,047,214
Cap Rate 9%
$2,370,056
Alternative Uses
Best Use
Apartment 5plus
$3.05M
$2.67M – $3.56M
NOI $213,305 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.50M
$3.94M – $5.25M
NOI $315,187 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,890
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated kitchens and bathrooms complement improvements to the building’s electrical and plumbing systems.
Where is this apartment building located?
The property is located at 3829 Marlborough Ave San Diego, CA.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 19 apartments, each with one bedroom and one bathroom; Units average approximately 600 square feet; Approximately 0.32‑acre site; built in 1972
