Multifamily Property with Six
For Sale
$2,000,000
4010-4016 Illinois Street, San Diego, CA 92104
Six-unit multifamily property featuring a detached house and recent upgrades.
Property Size3,590 SF
Price / SF$557.10
Days on Market456
Property Features for 4010-4016 Illinois Street
General Information
Standard status
Active
Size
3,590 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
R-3
Net Operating Income
$96,348
Site & Location
Neighborhood
North Park
Building Details
Year Built
1945
Buildings
2
Units
6
Listing Agency:
Commercial Asset Advisors
Listed By:
Michael Conger · License #01381193
(858) 344-9413
Source:
Compass
Added: Jul 26, 2025
Changed: Oct 21
Last Checked: Oct 23 at 9:24AM
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 Commercial Asset Advisors
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Investment Insights
Based on property information with market context.
This multifamily property features six units, including four one-bedroom/one-bath units, one larger one-bedroom/one-bath unit with a private balcony, and a detached three-bedroom/one-bath house at the front of the property. Recent improvements include dual-pane windows, partial ABS sewer line upgrades, and new electrical subpanels. The balconies have passed SB-721 inspection requirements. The property also includes two single-car garages, two carport spaces, three storage closets, and an approximately 200 square foot storage shed, offering potential additional storage and parking options.
Key Highlights
- Six‑unit multifamily property with a diverse unit mix, featuring four 1/1 units, one larger 1/1 with balcony, and a detached 3/1 house.
- Recent upgrades include dual‑pane windows, partial ABS sewer line upgrades, and new electrical subpanels.
- Balconies have passed SB‑721 inspection requirements.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,336
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,186,720
$1.2M
Cap Rate 7%
$847,657
$847.7K
Cap Rate 9%
$659,289
$659.3K
Market Conditions
NOI Build-Up for 3,590 SF
Gross rent
$114.2K $31.80/SF
− Vacancy
−$6.3K −$1.75/SF
EGI
$107.9K $30.05/SF
− OpEx
−$48.5K −$13.52/SF
NOI
$59.3K $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 Rate 5%
$1,186,720
Cap Rate 7%
$847,657
Cap Rate 9%
$659,289
Alternative Uses
Best Use
Apartment 5plus
$847.7K
$741.7K – $988.9K
NOI $59,336 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.65M
NOI $99,256 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,667
Businesses Nearby
Explore this area
Business Placement
Demographics for 92104, CA
44,265
Population
24,580
Households
1.8
Avg Household Size
36
Median Age
55%
College-Educated
94%
High-School Grad
3.7 sq mi
ZIP Area
11,964
Density / Sq Mi
$92,862
Median Household Income
$60,195
Median Earnings
$1,925
Median Rent
$861,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property featuring a detached house and recent upgrades.
Where is this apartment building located?
The property is located at 4010-4016 Illinois Street San Diego, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Six‑unit multifamily property with a diverse unit mix, featuring four 1/1 units, one larger 1/1 with balcony, and a detached 3/1 house.; Recent upgrades include dual‑pane windows, partial ABS sewer line upgrades, and new electrical subpanels.; Balconies have passed SB‑721 inspection requirements.
