Remodeled Duplex with New
For Sale
$1,310,000
4024-4026 College Ave, San Diego, CA 92115
Two residences offer flexible occupancy, extended-family living, and rental income potential near SDSU.
Property Size2,472 SF
Price / SF$529.94
Days on Market24
Property Features for 4024-4026 College Ave
General Information
Standard status
Active
Size
2,472 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1951
Buildings
2
Listing Agency:
JP Real Estate & Mortgage Inc.
(858) 380-7530
Listed By:
Davis Duong davis@jprealty.us · License #01923197
Source:
Viewsandiegohouses
Added: Aug 8
Changed: Aug 30
Last Checked: Aug 30 at 6:16PM
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 JP Real Estate & Mortgage Inc.
Investment Insights
Based on property information with market context.
This duplex includes two distinct residences totaling 2472 SF. The remodeled front home provides 3 bedrooms, 2 bathrooms, and an attached 2-car garage. A brand-new ADU adds another 3 bedrooms and 2 bathrooms, along with paid-off solar. Built in 1951, the property also features a large driveway with ample parking.
The residences are located directly on College Ave in San Diego, with public transportation to SDSU and access to Freeway 94. Nearby shopping and services include Walmart Supercenter, Target, Sam’s Club, schools, dining, and the post office. The two-unit layout supports a range of occupancy arrangements, including living in one residence while renting the other.
The residences are located directly on College Ave in San Diego, with public transportation to SDSU and access to Freeway 94. Nearby shopping and services include Walmart Supercenter, Target, Sam’s Club, schools, dining, and the post office. The two-unit layout supports a range of occupancy arrangements, including living in one residence while renting the other.
Key Highlights
- Two residences totaling 2472 SF
- Front home remodeled with 3 bedrooms, 2 bathrooms, and an attached 2‑car garage
- Brand‑new ADU with 3 bedrooms and 2 bathrooms
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
$44,282
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
3.38%
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%
$885,640
$885.6K
Cap Rate 7%
$632,600
$632.6K
Cap Rate 9%
$492,022
$492.0K
Market Conditions
NOI Build-Up for 2,472 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
$66.7K $27.00/SF
− Vacancy
−$3.5K −$1.41/SF
EGI
$63.3K $25.59/SF
− OpEx
−$19.0K −$7.68/SF
NOI
$44.3K $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%
$885,640
Cap Rate 7%
$632,600
Cap Rate 9%
$492,022
Alternative Uses
Best Use
Multifamily LT 5
$632.6K
$553.5K – $738.0K
NOI $44,282 @ 7.0% cap · market cap 3.38%
Second Best
Apartment 5plus
$583.7K
$510.7K – $681.0K
NOI $40,857 @ 7.0% cap · market cap 3.12%
Theoretical Best
Specialty Retail
$976.4K
$854.3K – $1.14M
NOI $68,346 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
901
Businesses Nearby
Explore this area
Business Placement
Demographics for 92115, CA
64,251
Population
23,448
Households
2.7
Avg Household Size
30
Median Age
39%
College-Educated
87%
High-School Grad
6.2 sq mi
ZIP Area
10,363
Density / Sq Mi
$75,178
Median Household Income
$36,061
Median Earnings
$1,875
Median Rent
$722,500
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?
Duplex - Two residences offer flexible occupancy, extended-family living, and rental income potential near SDSU.
Where is this duplex located?
The property is located at 4024-4026 College Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,310,000.
What are key features of this property?
This property features: Two residences totaling 2472 SF; Front home remodeled with 3 bedrooms, 2 bathrooms, and an attached 2‑car garage; Brand‑new ADU with 3 bedrooms and 2 bathrooms
