Two-Unit Residential Income
For Sale
Contact for pricing
Pending
411-13 28th Street, San Diego, CA 92102
Two separate units on a large lot offered as a trust-sale fixer near downtown San Diego.
Property Size1,340 SF
Days on Market65
Property Features for 411-13 28th Street
General Information
Standard status
Pending
Size
1,340 SF
Property subtype
Multifamily
Zoning
R-4 per tx
Building Details
Year Built
1942
Buildings
2
Units
2
Listing Agency:
Keller Williams Realty
Listed By:
Miguel Nunez · License #01220521
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Jul 24 at 9:04AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This property consists of two separate residential units on a large lot, presented as a trust sale. It is being marketed as a fixer opportunity, with upside tied to your ability to perform renovations and improvements or pursue redevelopment and expansion. The layout is designed to support two independent units, providing flexibility for an investor, owner-occupant, or developer planning interior updates or larger-scale work.
Located in San Diego, the property is positioned near Golden Hill Park and Balboa Golf Course. The public remarks also indicate convenient access to freeways and to nearby shopping, dining, and entertainment options in the downtown area.
For buyers seeking a value-add residential income asset, the two-unit configuration offers a straightforward redevelopment and renovation path, with the large lot supporting potential reconfiguration depending on your plans. For developers, the property’s existing two-unit structure and size support consideration of redevelopment or expansion after due diligence. As presented, it is best suited to parties comfortable with property condition improvements and project execution.
Located in San Diego, the property is positioned near Golden Hill Park and Balboa Golf Course. The public remarks also indicate convenient access to freeways and to nearby shopping, dining, and entertainment options in the downtown area.
For buyers seeking a value-add residential income asset, the two-unit configuration offers a straightforward redevelopment and renovation path, with the large lot supporting potential reconfiguration depending on your plans. For developers, the property’s existing two-unit structure and size support consideration of redevelopment or expansion after due diligence. As presented, it is best suited to parties comfortable with property condition improvements and project execution.
Key Highlights
- Two separate units on a large lot, offered as a trust‑sale fixer near downtown San Diego
- Year built: 1942
- Located near Golden Hill Park and Balboa Golf Course
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
$24,004
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
3.45%
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%
$480,080
$480.1K
Cap Rate 7%
$342,914
$342.9K
Cap Rate 9%
$266,711
$266.7K
Market Conditions
NOI Build-Up for 1,340 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
$36.2K $27.00/SF
− Vacancy
−$1.9K −$1.41/SF
EGI
$34.3K $25.59/SF
− OpEx
−$10.3K −$7.68/SF
NOI
$24.0K $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%
$480,080
Cap Rate 7%
$342,914
Cap Rate 9%
$266,711
Alternative Uses
Best Use
Multifamily LT 5
$342.9K
$300.1K – $400.1K
NOI $24,004 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$316.4K
$276.9K – $369.1K
NOI $22,148 @ 7.0% cap · market cap 3.19%
Theoretical Best
Specialty Retail
$529.3K
$463.1K – $617.5K
NOI $37,048 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,646
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?
Duplex - Two separate units on a large lot offered as a trust-sale fixer near downtown San Diego.
Where is this duplex located?
The property is located at 411-13 28th Street San Diego, CA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two separate units on a large lot, offered as a trust‑sale fixer near downtown San Diego; Year built: 1942; Located near Golden Hill Park and Balboa Golf Course
