Four-Unit Property with Expansion
For Sale
$1,270,000
4103 5 C St, San Diego, CA 92102
Four units with plans for two additional units in San Diego.
Property Size3,118 SF
Lot Size0.13 Acres
Price / SF$407.31
Days on Market103
Property Features for 4103 5 C St
General Information
Standard status
Active
Size
3,118 SF
Lot size
0.13 Acres
Property subtype
Investment
Building Details
Year Built
1951
Stories
2
Units
4
Listing Agency:
NorthMarq - San Diego
(415) 250-4947
Listed By:
Benn Vogelsang · License #DRE01883437
(415) 250-4947
Source:
Elliman
Added: May 19
Changed: Aug 27
Last Checked: Aug 29 at 11:59AM
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.
Located in the Mount Hope neighborhood of San Diego, the property at 4103-5 C Street features four units with plans for two additional two-bedroom units. Constructed around 1951, the multiple structures total 3,118 square feet on a 5,871 square foot lot. The front, two-story structure includes a second-level three-bedroom, one-bathroom unit above a two-bedroom, one-bathroom ADU unit and a one-bedroom, one-bathroom unit. Additionally, there is a three-bedroom, one-bathroom house with frontage on 41st Street, as well as a pad in the rear designated for the construction of the two additional two-bedroom ADUs. Upon completion of the ADU construction, there will be 5+ parking spaces, including tandem spots. The property features brick and stucco construction, a composition roof, utility hookups, and city views from select areas. Situated on a corner lot, the property also benefits from alley access.
Key Highlights
- Plans for two additional 2‑bedroom ADUs, increasing unit count and potential income.
- Four existing units provide immediate rental income.
- Located on a corner lot with alley access.
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
$55,854
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
4.40%
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%
$1,117,080
$1.1M
Cap Rate 7%
$797,914
$797.9K
Cap Rate 9%
$620,600
$620.6K
Market Conditions
NOI Build-Up for 3,118 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
$84.2K $27.00/SF
− Vacancy
−$4.4K −$1.41/SF
EGI
$79.8K $25.59/SF
− OpEx
−$23.9K −$7.68/SF
NOI
$55.9K $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%
$1,117,080
Cap Rate 7%
$797,914
Cap Rate 9%
$620,600
Alternative Uses
Best Use
Multifamily LT 5
$797.9K
$698.2K – $930.9K
NOI $55,854 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$736.2K
$644.2K – $858.9K
NOI $51,534 @ 7.0% cap · market cap 4.06%
Theoretical Best
Specialty Retail
$1.23M
$1.08M – $1.44M
NOI $86,206 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 92102, CA
39,783
Population
15,622
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
80%
High-School Grad
4.5 sq mi
ZIP Area
8,841
Density / Sq Mi
$71,319
Median Household Income
$40,142
Median Earnings
$1,855
Median Rent
$646,600
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?
Quadplex - Four units with plans for two additional units in San Diego.
Where is this quadplex located?
The property is located at 4103 5 C St San Diego, CA.
What is the asking price?
The asking price for this property is $1,270,000.
What are key features of this property?
This property features: Plans for two additional 2‑bedroom ADUs, increasing unit count and potential income.; Four existing units provide immediate rental income.; Located on a corner lot with alley access.
