Renovated 9-Unit Apartment
For Sale
$2,275,000
4062 49th Street San Diego, San Diego, CA 92105
A 9-unit apartment building with all units fully remodeled in 2025 and an expanded onsite laundry facility.
Property Size5,190 SF
Lot Size0.13 Acres
Price / SF$438.34
Days on Market53
Property Features for 4062 49th Street San Diego
General Information
Standard status
Active
Size
5,190 SF
Total Parking Spaces
9
Lot size
0.13 Acres
Net Operating Income
$142,471
Additional Details
Multifamily Units
9
Amenities
false
true
9
1
Building Details
Year Built
1968
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
NorthMarq - San Diego
(909) 328-1567
Listed By:
Robert Smith · License #DRE01883437
(909) 328-1567
Source:
Rmarealty
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 29 at 7:11AM
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 NorthMarq - San Diego
Investment Insights
Based on property information with market context.
4062 49th Street is a 9-unit apartment complex built in 1968, set on a 5,739 square foot lot with plenty of parking. The building contains nine 1 bedroom, 1 bathroom units.
All units were completely remodeled in 2025, including new canned lighting, window coverings, and vinyl plank flooring with new baseboards. The updates also include new appliances and electric wall heaters powered by new sub panels, along with interior plumbing replacements with copper and ABS as needed. Kitchens and bathrooms feature new cabinets, fixtures, hardware, and quartz countertops. Exterior improvements include a new roof, stucco repair, exterior repainting, new security doors, and waterproofing of the balconies. An expanded onsite laundry facility with new machines serves residents.
The property is located in City Heights near transit and shopping off El Cajon Blvd.
All units were completely remodeled in 2025, including new canned lighting, window coverings, and vinyl plank flooring with new baseboards. The updates also include new appliances and electric wall heaters powered by new sub panels, along with interior plumbing replacements with copper and ABS as needed. Kitchens and bathrooms feature new cabinets, fixtures, hardware, and quartz countertops. Exterior improvements include a new roof, stucco repair, exterior repainting, new security doors, and waterproofing of the balconies. An expanded onsite laundry facility with new machines serves residents.
The property is located in City Heights near transit and shopping off El Cajon Blvd.
Key Highlights
- 9‑unit apartment building in City Heights, built in 1968, totaling 5,190 SF on a 5,739 SF lot
- All nine 1 bed / 1 bath units were completely remodeled in 2025
- 2025 improvements include new roof, stucco repair, exterior repaint, new security doors, and balcony waterproofing
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
$97,110
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
4.27%
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%
$1,942,200
$1.9M
Cap Rate 7%
$1,387,286
$1.4M
Cap Rate 9%
$1,079,000
$1.1M
Market Conditions
NOI Build-Up for 5,190 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
$186.8K $36.00/SF
− Vacancy
−$10.3K −$1.98/SF
EGI
$176.6K $34.02/SF
− OpEx
−$79.5K −$15.31/SF
NOI
$97.1K $18.71/SF
Area
ZIP 92105
Vacancy
5.50%
Lease Rate
$36.00 /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%
$1,942,200
Cap Rate 7%
$1,387,286
Cap Rate 9%
$1,079,000
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $97,110 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.05M
$1.79M – $2.39M
NOI $143,493 @ 7.0% cap · market cap 6.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,442
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - A 9-unit apartment building with all units fully remodeled in 2025 and an expanded onsite laundry facility.
Where is this apartment building located?
The property is located at 4062 49th Street San Diego San Diego, CA.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: 9‑unit apartment building in City Heights, built in 1968, totaling 5,190 SF on a 5,739 SF lot; All nine 1 bed / 1 bath units were completely remodeled in 2025; 2025 improvements include new roof, stucco repair, exterior repaint, new security doors, and balcony waterproofing
