8-Unit Apartment Building with
New
For Sale
$2,700,000
4119 Arizona St, San Diego, CA 92104
Renovated multifamily property with air conditioning in every residence and shared laundry facilities.
Property Size5,776 SF
Price / SF$467.45
Days on Market5
Property Features for 4119 Arizona St
General Information
Standard status
Active
Size
5,776 SF
Total Parking Spaces
9
Property subtype
Multi-Family
Financials
Asking Price
$2,700,000
Cap Rate
5.42%
Units
Unit Mix
3 x 2BR/2BA, 4 x 1BR/1BA, 1 x studio
Multifamily Units
8
Amenities
AC
common laundry facility
Building Details
Year Built
1984
Buildings
1
Listing Agency:
Marcus & Millichap
Listed By:
Raymond Choi rchoi@marcusmillichap.com · License #01297138
(858) 735-6632
Source:
Findhomesinsandiegoarea
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 4 at 9:32AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Built in 1984, this eight-unit apartment property totals 5,776 square feet. The unit mix includes three two-bedroom, two-bathroom apartments of approximately 1,000 square feet each; four one-bedroom, one-bathroom apartments averaging 550 square feet; and one studio of approximately 350 square feet. Air conditioning serves every unit, and residents have access to a common laundry facility.
The property provides nine off-street parking spaces and is located at 4119 Arizona St in San Diego. Its reported walk score is 93. The building has undergone extensive renovation and has been maintained. The stated capitalization rate is 5.42%.
The property provides nine off-street parking spaces and is located at 4119 Arizona St in San Diego. Its reported walk score is 93. The building has undergone extensive renovation and has been maintained. The stated capitalization rate is 5.42%.
Key Highlights
- Eight apartments totaling 5,776 square feet
- Three 2‑bedroom/2‑bathroom units at approximately 1,000 SF each
- Four 1‑bedroom/1‑bathroom units averaging 550 SF, plus one studio of approximately 350 SF
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
$95,466
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
3.54%
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%
$1,909,320
$1.9M
Cap Rate 7%
$1,363,800
$1.4M
Cap Rate 9%
$1,060,733
$1.1M
Market Conditions
NOI Build-Up for 5,776 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
$183.7K $31.80/SF
− Vacancy
−$10.1K −$1.75/SF
EGI
$173.6K $30.05/SF
− OpEx
−$78.1K −$13.52/SF
NOI
$95.5K $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%
$1,909,320
Cap Rate 7%
$1,363,800
Cap Rate 9%
$1,060,733
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.59M
NOI $95,466 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.28M
$2.00M – $2.66M
NOI $159,695 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,346
Businesses Nearby
Explore this area
Business Placement
Demographics for 92104, CA
44,265
Population
24,580
Households
1.8
Avg Household Size
36
Median Age
55%
College-Educated
94%
High-School Grad
3.7 sq mi
ZIP Area
11,964
Density / Sq Mi
$92,862
Median Household Income
$60,195
Median Earnings
$1,925
Median Rent
$861,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with air conditioning in every residence and shared laundry facilities.
Where is this apartment building located?
The property is located at 4119 Arizona St San Diego, CA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Eight apartments totaling 5,776 square feet; Three 2‑bedroom/2‑bathroom units at approximately 1,000 SF each; Four 1‑bedroom/1‑bathroom units averaging 550 SF, plus one studio of approximately 350 SF
