North Park Multifamily Investment
For Sale
$1,699,000
4209 Wilson Ave, San Diego, CA 92104
Five-unit complex in North Park with strong tenant demand.
Property Size3,283 SF
Days on Market141
Property Features for 4209 Wilson Ave
General Information
Standard status
Active
Size
3,283 SF
Property subtype
Investment
Building Details
Building Size
3,283 SF
Year Built
1958
Stories
2
Units
5
Listing Agency:
MR AGENT REAL ESTATE INC.
Listed By:
Ivan Kim-Fregoso
(619) 608-4786
Source:
Elliman
Added: Apr 22
Changed: Sep 4
Last Checked: Sep 8 at 6:31AM
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 MR AGENT REAL ESTATE INC.
Investment Insights
Based on property information with market context.
This five-unit complex is located in the North Park area. The property features three 2-bedroom, 1-bathroom units and two 1-bedroom, 1-bathroom units. The complex includes independent electricity meters, four attached garages, and a separate laundry room. Additional features include a front patio, and three units have side patios. Alley access is available. The property is centrally located near freeways, shopping centers, and stores. The property is suitable for investors. Strong tenant demand exists in this area. The renters are currently on month-to-month leases.
Key Highlights
- Five‑unit complex in desirable North Park location
- Strong tenant demand with month‑to‑month renters
- Property is free and clear
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
$54,262
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
3.19%
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%
$1,085,240
$1.1M
Cap Rate 7%
$775,171
$775.2K
Cap Rate 9%
$602,911
$602.9K
Market Conditions
NOI Build-Up for 3,283 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
$104.4K $31.80/SF
− Vacancy
−$5.7K −$1.75/SF
EGI
$98.7K $30.05/SF
− OpEx
−$44.4K −$13.52/SF
NOI
$54.3K $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%
$1,085,240
Cap Rate 7%
$775,171
Cap Rate 9%
$602,911
Alternative Uses
Best Use
Apartment 5plus
$775.2K
$678.3K – $904.4K
NOI $54,262 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,768 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,660
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
Check the figures for this property
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 - Five-unit complex in North Park with strong tenant demand.
Where is this apartment building located?
The property is located at 4209 Wilson Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Five‑unit complex in desirable North Park location; Strong tenant demand with month‑to‑month renters; Property is free and clear
