Gated 17-Unit Apartment
New
For Sale
$2,800,000
4226 41st Street, San Diego, CA 92105
Residential Income, San Diego, CA
Property Size7,500 SF
Lot Size0.14 Acres
Price / SF$373.33
Days on Market2
Property Features for 4226 41st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
14
Bathrooms
17
Full bathrooms
17
Rooms
Bathroom 13, Bathroom 15, Bathroom 5, Bedroom 10, Bedroom 2, Bathroom 14, Bedroom 4, Bathroom 10, Bedroom 3, Bathroom 17, Bedroom 5, Bedroom 9, Bathroom 9, Bathroom 7, Bathroom 1, Bathroom 3, Bedroom 13, Bathroom 12, Bathroom 16, Bathroom 2, Bathroom 11, Bedroom 1, Bedroom 8, Bathroom 4, Bathroom 6, Bedroom 6, Bedroom 14, Bedroom 12, Bedroom 11, Bedroom 7, Bathroom 8
Parking
5
Subdivision
EAST SAN DIEGO (92105)
Standard status
Active
APN
454-742-18-00
Size
7,500 SF
Lot size
0.14 Acres
Utilities
Cooling system
Wall/Window Unit(s)
Amenities
gated
air conditioning
on-site laundry
Building Details
Number of units
17
Listing Agency:
San Terra Properties
(858) 832-7800
Listed By:
Kim Klecan · License #00959397
(619) 261-9612
Added: Sep 2
Last Checked: Sep 3 at 7:06AM
MLS# 260021529
Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 4226 41st Street in San Diego’s City Heights area, this 17-unit apartment property contains 7,500 square feet on a 0.1436-acre lot. The gated community includes an elevator and on-site laundry, while every unit has wall/window air conditioning.
Several units have been renovated, and the remaining units provide defined upgrade opportunities. The property currently operates as a 62+ community. Its location within a Sustainable Development Area makes it eligible for the Complete Communities Housing Solutions program, adding a relevant land-use consideration for future planning and evaluation.
Several units have been renovated, and the remaining units provide defined upgrade opportunities. The property currently operates as a 62+ community. Its location within a Sustainable Development Area makes it eligible for the Complete Communities Housing Solutions program, adding a relevant land-use consideration for future planning and evaluation.
Key Highlights
- 17‑unit apartment property with 7,500 square feet
- Situated on a 0.1436‑acre lot in City Heights
- Gated community with elevator and on‑site laundry
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
$140,333
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
5.01%
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%
$2,806,660
$2.8M
Cap Rate 7%
$2,004,757
$2.0M
Cap Rate 9%
$1,559,256
$1.6M
Market Conditions
NOI Build-Up for 7,500 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
$270.0K $36.00/SF
− Vacancy
−$14.9K −$1.98/SF
EGI
$255.2K $34.02/SF
− OpEx
−$114.8K −$15.31/SF
NOI
$140.3K $18.71/SF
Area
ZIP 92105
Vacancy
5.50%
Lease Rate
$36.00 /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%
$2,806,660
Cap Rate 7%
$2,004,757
Cap Rate 9%
$1,559,256
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.34M
NOI $140,333 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.96M
$2.59M – $3.46M
NOI $207,360 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
1,818
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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 - Gated community with elevator, on-site laundry, and cooling in every unit.
Where is this apartment building located?
The property is located at 4226 41st Street San Diego, CA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 17‑unit apartment property with 7,500 square feet; Situated on a 0.1436‑acre lot in City Heights; Gated community with elevator and on‑site laundry
