Value-Add 12-Unit Apartment
For Sale
Contact for pricing
Pending
421 N Weitzel St, Oceanside, CA 92054
12-unit multifamily property west of Interstate 5 with a value-add renovation opportunity.
Property Size8,720 SF
Days on Market228
Property Features for 421 N Weitzel St
General Information
Standard status
Pending
Size
8,720 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
12
Building Details
Buildings
1
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
CBRE - San Diego
Listed By:
Michael Greiner, CCIM · License #01844828
(808) 271-5252
Source:
Crexi
Added: Jan 22
Changed: Aug 8
Last Checked: Jul 25 at 4:29AM
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 CBRE - San Diego
Investment Insights
Based on property information with market context.
CBRE presents the opportunity to acquire 421 N Weitzel Street, a value-add 12-unit apartment building located west of Interstate 5 in Oceanside, California. The property offers a walkable setting, with a reported 87 Walk Score placing it within walking distance of restaurant options along historic Highway 101 and nearby coastal amenities including Oceanside Pier and The Strand Beach.
Convenient access to employment corridors is supported by the property’s proximity to the Interstate 5 onramp, with a listed 2-minute drive. Commute times provided include Camp Pendleton (7 minutes), the Palomar Airport Corridor (16 minutes), North City/California State San Marcos (28 minutes), and UTC (29 minutes).
This offering is positioned as a value-add investment, with the potential for immediate value creation through property renovations.
Convenient access to employment corridors is supported by the property’s proximity to the Interstate 5 onramp, with a listed 2-minute drive. Commute times provided include Camp Pendleton (7 minutes), the Palomar Airport Corridor (16 minutes), North City/California State San Marcos (28 minutes), and UTC (29 minutes).
This offering is positioned as a value-add investment, with the potential for immediate value creation through property renovations.
Key Highlights
- 12‑unit apartment building at 421 N Weitzel Street, Oceanside, CA
- Value‑add renovation opportunity
- Located west of Interstate 5 in Oceanside
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
$135,046
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
3.30%
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%
$2,700,920
$2.7M
Cap Rate 7%
$1,929,229
$1.9M
Cap Rate 9%
$1,500,511
$1.5M
Market Conditions
NOI Build-Up for 8,720 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
$261.6K $30.00/SF
− Vacancy
−$16.1K −$1.84/SF
EGI
$245.5K $28.16/SF
− OpEx
−$110.5K −$12.67/SF
NOI
$135.0K $15.49/SF
Area
Oceanside, CA
Vacancy
6.14%
Lease Rate
$30.00 /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%
$2,700,920
Cap Rate 7%
$1,929,229
Cap Rate 9%
$1,500,511
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,046 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.92M
$2.55M – $3.40M
NOI $204,157 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,977
Businesses Nearby
Explore this area
Business Placement
Demographics for 92054, CA
38,667
Population
18,113
Households
2.1
Avg Household Size
38
Median Age
36%
College-Educated
86%
High-School Grad
7.5 sq mi
ZIP Area
5,156
Density / Sq Mi
$76,974
Median Household Income
$38,716
Median Earnings
$1,847
Median Rent
$851,100
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-unit multifamily property west of Interstate 5 with a value-add renovation opportunity.
Where is this apartment building located?
The property is located at 421 N Weitzel St Oceanside, CA.
What is the asking price?
The asking price for this property is $4,095,000.
What are key features of this property?
This property features: 12‑unit apartment building at 421 N Weitzel Street, Oceanside, CA; Value‑add renovation opportunity; Located west of Interstate 5 in Oceanside
