Apartment Building with Studio
For Sale
$2,820,000
4151 35th, San Diego, CA 92104
12 legal units plus an additional non-conforming studio; permitting initiated to potentially create a 13th unit.
Property Size5,276 SF
Days on Market35
Property Features for 4151 35th
General Information
Standard status
Active
Size
5,276 SF
Total Parking Spaces
2
Property subtype
Multi Family Home
Additional Details
Multifamily Units
13
Building Details
Building Size
5,276 SF
Buildings
1
Stories
2
Units
12
Listing Agency:
South Coast Commercial, Inc.
(858) 729-3094
Listed By:
Cody J Evans · License #01399935
(858) 729-3094
Source:
Americangrouponline
Added: Jul 10
Changed: Aug 8
Last Checked: Aug 12 at 1:22PM
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 South Coast Commercial, Inc.
Investment Insights
Based on property information with market context.
Offered for sale, this apartment property features 12 legal units plus an additional non-conforming studio. Current actual income reflects only the 12 legal units, and income from the studio is not included in the figures provided.
Ownership has initiated the permitting process for the studio. Once the permitting is complete, the pro forma income reflects the studio as a fully permitted 13th unit.
Located at 4151 35th in San Diego (92104), the building’s unit mix and permitting status are central considerations for buyers evaluating current in-place income alongside the studio’s expected completion as a permitted unit.
Ownership has initiated the permitting process for the studio. Once the permitting is complete, the pro forma income reflects the studio as a fully permitted 13th unit.
Located at 4151 35th in San Diego (92104), the building’s unit mix and permitting status are central considerations for buyers evaluating current in-place income alongside the studio’s expected completion as a permitted unit.
Key Highlights
- 12 legal apartment units plus an additional non‑conforming studio
- Current income reflects only the 12 legal units; studio income is not included in reported figures
- Ownership has initiated the permitting process for the studio
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
$87,202
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
3.09%
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%
$1,744,040
$1.7M
Cap Rate 7%
$1,245,743
$1.2M
Cap Rate 9%
$968,911
$968.9K
Market Conditions
NOI Build-Up for 5,276 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
$167.8K $31.80/SF
− Vacancy
−$9.2K −$1.75/SF
EGI
$158.5K $30.05/SF
− OpEx
−$71.3K −$13.52/SF
NOI
$87.2K $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%
$1,744,040
Cap Rate 7%
$1,245,743
Cap Rate 9%
$968,911
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.45M
NOI $87,202 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.08M
$1.82M – $2.43M
NOI $145,871 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
1,618
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 12 legal units plus an additional non-conforming studio; permitting initiated to potentially create a 13th unit.
Where is this apartment building located?
The property is located at 4151 35th San Diego, CA.
What is the asking price?
The asking price for this property is $2,820,000.
What are key features of this property?
This property features: 12 legal apartment units plus an additional non‑conforming studio; Current income reflects only the 12 legal units; studio income is not included in reported figures; Ownership has initiated the permitting process for the studio
