9-Unit Apartment
New
For Sale
$1,250,000
4086 98 National Ave, San Diego, CA 92113
The property combines individually metered gas and electric service with a detached house and single-story apartments.
Property Size4,876 SF
Days on Market3
Property Features for 4086 98 National Ave
General Information
Standard status
Active
Size
4,876 SF
Total Parking Spaces
6
Property subtype
Investment
Property Condition
Severity
Repairs Needed
Evidence
substantial deferred maintenance
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
8 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
9
Additional Details
Asking Price
$1,250,000
Building Details
Building Size
4,876 SF
Year Built
1946
Stories
1
Units
9
Listing Agency:
Commercial Asset Advisors
Listed By:
Maxwell Brown · License #02127395
(925) 872-6746
Source:
Elliman
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 4 at 10:32AM
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
Investment Insights
Based on property information with market context.
Built in 1946, this San Diego apartment property contains nine residences: eight one-bedroom, one-bathroom apartments and a detached two-bedroom, one-bathroom house. All units are single-story. Gas and electricity are individually metered. Parking includes a single-car garage, an approximately 1.5-car-wide garage and four off-street spaces. The property has substantial deferred maintenance, and a renovation program would be needed to address its current condition.
The property is in San Diego’s 92113 submarket, with access to I-5, I-15 and SR-94. Walk Score is 70, Bike Score is 59 and Transit Score is 51. The stated post-renovation projection includes an 11.86% pro forma cap rate, excluding renovation costs.
The property is in San Diego’s 92113 submarket, with access to I-5, I-15 and SR-94. Walk Score is 70, Bike Score is 59 and Transit Score is 51. The stated post-renovation projection includes an 11.86% pro forma cap rate, excluding renovation costs.
Key Highlights
- Nine residences: eight 1‑bedroom/1‑bath units and one detached 2‑bedroom/1‑bath house
- Built in 1946; all residences are single‑story
- Individually metered for gas and electricity
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
$80,591
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
6.45%
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%
$1,611,820
$1.6M
Cap Rate 7%
$1,151,300
$1.2M
Cap Rate 9%
$895,456
$895.5K
Market Conditions
NOI Build-Up for 4,876 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
$155.1K $31.80/SF
− Vacancy
−$8.5K −$1.75/SF
EGI
$146.5K $30.05/SF
− OpEx
−$65.9K −$13.52/SF
NOI
$80.6K $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%
$1,611,820
Cap Rate 7%
$1,151,300
Cap Rate 9%
$895,456
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,591 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $134,812 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
9
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
Business Placement
Demographics for 92113, CA
50,457
Population
14,443
Households
3.5
Avg Household Size
32
Median Age
11%
College-Educated
69%
High-School Grad
4.5 sq mi
ZIP Area
11,213
Density / Sq Mi
$59,177
Median Household Income
$31,099
Median Earnings
$1,608
Median Rent
$559,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The property combines individually metered gas and electric service with a detached house and single-story apartments.
Where is this apartment building located?
The property is located at 4086 98 National Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Nine residences: eight 1‑bedroom/1‑bath units and one detached 2‑bedroom/1‑bath house; Built in 1946; all residences are single‑story; Individually metered for gas and electricity
