Five-Unit Apartment
New
For Sale
$1,625,000
3850-92 Eagle St, San Diego, CA 92103
Two historic residential buildings offer a varied unit mix in San Diego’s Hillcrest neighborhood.
Property Size3,700 SF
Lot Size0.34 Acres
Days on Market7
Property Features for 3850-92 Eagle St
General Information
Standard status
Active
Size
3,700 SF
Lot size
0.34 Acres
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
5
Additional Details
Cap Rate
3.97%
Highway Access
Yes
Amenities
Extremely desirable location in the heart of Hillcrest.
Diverse unit mix including one-, two-, and three-bedroom floor plans.
True value-add investment opportunity with rental upside.
Situated on an oversized 0.34 acre lot.
Abundant off-street parking for tenants, including a double-car garage.
Steps away from countless retail, dining, bars and coffee shops.
Building Details
Building Size
3,700 SF
Buildings
2
Units
5
Listing Agency:
Marcus & Millichap
(858) 373-3166
Listed By:
Chris Zorbas · License #License(s): CA: 01301418
(858) 373-3166
Source:
Marcusmillichap
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 12:49PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This multifamily property includes two separate residential buildings constructed in 1902 and 1935 on a 0.34-acre parcel. The five-unit configuration comprises three one-bedroom, one-bath units averaging approximately 600 square feet, one two-bedroom, one-bath unit measuring 800 square feet, and one three-bedroom, one-bath residence with 1,100 square feet.
The property is located in San Diego’s Hillcrest neighborhood near retail, dining, and entertainment along University Avenue. Downtown San Diego, Mission Valley, and the UC San Diego Health campus are identified employment destinations nearby. Regional connectivity includes Interstate 5, State Route 163, and State Route 94.
The property is located in San Diego’s Hillcrest neighborhood near retail, dining, and entertainment along University Avenue. Downtown San Diego, Mission Valley, and the UC San Diego Health campus are identified employment destinations nearby. Regional connectivity includes Interstate 5, State Route 163, and State Route 94.
Key Highlights
- Five residential units across two separate buildings
- Three 1‑bedroom/1‑bath units averaging approximately 600 square feet
- Includes 800‑square‑foot 2‑bedroom/1‑bath unit
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
$61,154
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
3.76%
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%
$1,223,080
$1.2M
Cap Rate 7%
$873,629
$873.6K
Cap Rate 9%
$679,489
$679.5K
Market Conditions
NOI Build-Up for 3,700 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
$117.7K $31.80/SF
− Vacancy
−$6.5K −$1.75/SF
EGI
$111.2K $30.05/SF
− OpEx
−$50.0K −$13.52/SF
NOI
$61.2K $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%
$1,223,080
Cap Rate 7%
$873,629
Cap Rate 9%
$679,489
Alternative Uses
Best Use
Apartment 5plus
$873.6K
$764.4K – $1.02M
NOI $61,154 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.46M
$1.28M – $1.70M
NOI $102,298 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
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?
Apartment building - Two historic residential buildings offer a varied unit mix in San Diego’s Hillcrest neighborhood.
Where is this apartment building located?
The property is located at 3850-92 Eagle St San Diego, CA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Five residential units across two separate buildings; Three 1‑bedroom/1‑bath units averaging approximately 600 square feet; Includes 800‑square‑foot 2‑bedroom/1‑bath unit
