Updated 8-Unit Apartment
For Sale
$2,850,000
4221-27 Kansas St, San Diego, CA 92104
Eight consistent two-bedroom apartments with on-site laundry and off-street parking in North Park.
Property Size6,736 SF
Price / SF$423.10
Days on Market102
Property Features for 4221-27 Kansas St
General Information
Standard status
Active
Size
6,736 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Highway Access
Yes
Amenities
on-site laundry
Building Details
Year Built
1956
Buildings
1
Stories
2
Units
8
Listing Agency:
Marcus & Millichap
(858) 373-3196
Listed By:
Thomas McCartin · License #01427348
(858) 373-3196
Source:
Americangrouponline
Added: May 21
Changed: Aug 29
Last Checked: Aug 29 at 10:31PM
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.
This 8-unit apartment property, built in 1956, contains eight two-bedroom, one-bath residences totaling approximately 6,736 square feet. The consistent unit mix is complemented by on-site laundry and five off-street parking spaces. Several apartments have been recently updated, and the property has in-place income across the residence portfolio.
The property is situated in North Park near restaurants, retail, and local amenities. Interstate 805 and Interstate 15 provide access to broader San Diego destinations. The address includes 4221–27 Kansas Street.
The property is situated in North Park near restaurants, retail, and local amenities. Interstate 805 and Interstate 15 provide access to broader San Diego destinations. The address includes 4221–27 Kansas Street.
Key Highlights
- 8‑unit multifamily property with eight 2‑bedroom / 1‑bath units
- Approximately 6,736 square feet built in 1956
- Five off‑street parking spaces
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
$111,333
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
3.91%
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%
$2,226,660
$2.2M
Cap Rate 7%
$1,590,471
$1.6M
Cap Rate 9%
$1,237,033
$1.2M
Market Conditions
NOI Build-Up for 6,736 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
$214.2K $31.80/SF
− Vacancy
−$11.8K −$1.75/SF
EGI
$202.4K $30.05/SF
− OpEx
−$91.1K −$13.52/SF
NOI
$111.3K $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%
$2,226,660
Cap Rate 7%
$1,590,471
Cap Rate 9%
$1,237,033
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.86M
NOI $111,333 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.66M
$2.33M – $3.10M
NOI $186,237 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,921
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 - Eight consistent two-bedroom apartments with on-site laundry and off-street parking in North Park.
Where is this apartment building located?
The property is located at 4221-27 Kansas St San Diego, CA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 8‑unit multifamily property with eight 2‑bedroom / 1‑bath units; Approximately 6,736 square feet built in 1956; Five off‑street parking spaces
