Fourplex with Detached
New
For Sale
Contact for pricing
3937-3943 Centre, San Diego, CA 92103
Multi-family property with two detached garages, driveway parking, and tenants remaining in place.
Property Size4,500 SF
Price / SF$388.89
Days on Market7
Property Features for 3937-3943 Centre
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
7
Property subtype
Multifamily
Zoning
MULTI-FAM.
Additional Details
Multifamily Units
5
Building Details
Buildings
3
Stories
2
Units
5
Listing Agency:
Berkshire Hathaway HomeServices California Properties
Listed By:
Gregory Scafidi · License #CA 00962216
Source:
Crexi
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 12 at 4:58AM
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 Berkshire Hathaway HomeServices California Properties
Investment Insights
Based on property information with market context.
This multi-family property combines a fourplex with an additional detached home on one parcel. The property includes two detached garages, each offering two parking spaces, along with additional parking on the long driveway along the north side of the parcel. The reported property size is approximately 4,500 square feet, and the zoning is MULTI-FAM.
The property is located in the Hillcrest community, within short walking distance of restaurants, the San Diego Zoo, Balboa Park, and its museums. Existing tenants are to remain in place, and the property is offered as-is. The fourplex and detached residence create a multi-building configuration with on-site parking and garage improvements.
The property is located in the Hillcrest community, within short walking distance of restaurants, the San Diego Zoo, Balboa Park, and its museums. Existing tenants are to remain in place, and the property is offered as-is. The fourplex and detached residence create a multi-building configuration with on-site parking and garage improvements.
Key Highlights
- Fourplex plus an additional detached home on one parcel
- Two detached garages with two spaces each
- Additional parking on the long driveway along the north side
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
$80,610
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
4.61%
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%
$1,612,200
$1.6M
Cap Rate 7%
$1,151,571
$1.2M
Cap Rate 9%
$895,667
$895.7K
Market Conditions
NOI Build-Up for 4,500 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
$121.5K $27.00/SF
− Vacancy
−$6.3K −$1.41/SF
EGI
$115.2K $25.59/SF
− OpEx
−$34.5K −$7.68/SF
NOI
$80.6K $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%
$1,612,200
Cap Rate 7%
$1,151,571
Cap Rate 9%
$895,667
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,610 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$1.06M
$929.7K – $1.24M
NOI $74,376 @ 7.0% cap · market cap 4.25%
Theoretical Best
Specialty Retail
$1.78M
$1.56M – $2.07M
NOI $124,416 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,480
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Multi-family property with two detached garages, driveway parking, and tenants remaining in place.
Where is this quadplex located?
The property is located at 3937-3943 Centre San Diego, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Fourplex plus an additional detached home on one parcel; Two detached garages with two spaces each; Additional parking on the long driveway along the north side
