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    Kensington Spanish Duplex Opportunity Title is generated by Realmo AI

    40 Marlborough Dr, San Diego, CA 92116

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    For Sale
    $1,450,000

    Iconic 1935 duplex near Adams Avenue with income potential.

    Type:Investment
    Property size:
    1,950 SF
    Price / SF:
    $743/SF
    Added:
    May 20, 2026
    Days on Market:
    11
    Last Refresh:
    May 20 at 12:38 pm

    Property Features for 40 Marlborough Dr

    General Information

    Standard status
    Active
    Size
    1,950 SF
    Property subtype
    Investment

    Building Details

    Year Built
    1935

    We can help!

    Listing Contact
    Patrick Mercer

    Listing agent Patrick Mercer License #01964971

    Listing office Keller Williams Realty La Jolla

    Listing date May 20, 2026

    Source Elliman

    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 Keller Williams Realty La Jolla

    HighLights

    • Prime Kensington location, steps from Adams Avenue's amenities and walkability (Walk Score: 92).
    • Versatile investment opportunity: rent both units, live in one and rent the other, or convert to a single‑family home.
    • Classic 1935 Spanish duplex with original architectural details and charm.
    • Spacious units (approx. 975 sq ft each) with 2 bedrooms and 1 bathroom, designed for comfortable living.
    • Expansive backyard offering ample outdoor space for various uses.
    • Two separate one‑car garages with alley access, providing parking and storage options.

    Overview

    Located in north Kensington, this 1935 Spanish duplex is near Adams Avenue. Each residence features 2 bedrooms and 1 bathroom within approximately 975 square feet. The layouts are designed to feel spacious. Original details and architectural charm are complemented by comfortable living spaces, with natural light from large windows creating a welcoming atmosphere. The property includes two separate one-car garages and alley access, offering flexibility for parking and storage. The expansive backyard provides outdoor space for entertaining and relaxing. This property offers options for rental income, owner-occupancy, or conversion into a single-family residence. The location has a walk score of 92, indicating it is a walker's paradise, a transit score of 55, indicating good transit options, and a bike score of 49, indicating it is somewhat bikeable.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.106646
    Latitude
    32.760231

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    FAQs

    What type of property is this?
    Duplex - Iconic 1935 duplex near Adams Avenue with income potential.
    Where is this duplex located?
    The property is located at 40 Marlborough Dr San Diego, CA.
    What is the asking price?
    The asking price for this property is $1,450,000.
    What are key features of this property?
    This property features: Prime Kensington location, steps from Adams Avenue's amenities and walkability (Walk Score: 92).; Versatile investment opportunity: rent both units, live in one and rent the other, or convert to a single‑family home.; Classic 1935 Spanish duplex with original architectural details and charm.
    (619) 846-2083
    We can help!
    Listing Contact
    Patrick Mercer
    Real Estate License ID: 01964971
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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