Five-Unit Apartment
For Sale
$1,550,000
3967-69 8th, San Diego, CA 92103
Residential Income, San Diego, CA
Property Size3,600 SF
Lot Size0.10 Acres
Price / SF$430.56
Days on Market337
Property Features for 3967-69 8th
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 5, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 3
Parking
4
Subdivision
MISSION HILLS (92103)
Standard status
Active
APN
444-690-05-00
Size
3,600 SF
Lot size
0.10 Acres
Utilities
Heating system
Central, Natural Gas, Forced Air
Building Details
Floors in Building
2
Number of units
5
Flooring type
Wood
Roof type
Composition
Listing Agency:
Hacienda Realty
(619) 224-6873
Listed By:
Christamaria E Ormsby · License #01414321
(619) 417-4493
Added: Oct 7, 2025
Changed: Sep 5
Last Checked: Sep 8 at 3:06AM
MLS# 250040977
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Hillcrest apartment property comprises two buildings totaling 3,600 square feet on a 0.1019-acre site. The unit mix includes two studios, two one-bedroom apartments, and one two-bedroom home. Interior features include wood flooring, while building systems include central forced-air heating fueled by natural gas. The roofs are composition shingle.
The property is located at 3967-69 8th in San Diego, one block from Whole Foods, Better Buzz, shops, and dining. Adjoining parcels 444-690-03-00 and 444-690-04-00 are also available for purchase, with the source information identifying potential for a larger complex of up to 160 units. The existing configuration provides five residential units across two structures.
The property is located at 3967-69 8th in San Diego, one block from Whole Foods, Better Buzz, shops, and dining. Adjoining parcels 444-690-03-00 and 444-690-04-00 are also available for purchase, with the source information identifying potential for a larger complex of up to 160 units. The existing configuration provides five residential units across two structures.
Key Highlights
- Two buildings with five residential units
- Unit mix: 2 studios, 2 one‑bedroom units, and 1 two‑bedroom home
- 3,600 square feet on a 0.1019‑acre lot
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
$59,501
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%
$1,190,020
$1.2M
Cap Rate 7%
$850,014
$850.0K
Cap Rate 9%
$661,122
$661.1K
Market Conditions
NOI Build-Up for 3,600 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
$114.5K $31.80/SF
− Vacancy
−$6.3K −$1.75/SF
EGI
$108.2K $30.05/SF
− OpEx
−$48.7K −$13.52/SF
NOI
$59.5K $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%
$1,190,020
Cap Rate 7%
$850,014
Cap Rate 9%
$661,122
Alternative Uses
Best Use
Apartment 5plus
$850.0K
$743.8K – $991.7K
NOI $59,501 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,533 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
7,070
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?
Apartment building - Two structures in Hillcrest offer a varied unit mix near Whole Foods, shops, dining, and neighborhood coffee service.
Where is this apartment building located?
The property is located at 3967-69 8th San Diego, CA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Two buildings with five residential units; Unit mix: 2 studios, 2 one‑bedroom units, and 1 two‑bedroom home; 3,600 square feet on a 0.1019‑acre lot
