Duplex With Rear
For Sale
Contact for pricing
4251-53 Pepper Dr, San Diego, CA 92105
R2-zoned duplex with long-term tenants and newer dual-pane windows in the front unit.
Property Size1,392 SF
Price / SF$673.85
Days on Market16
Property Features for 4251-53 Pepper Dr
General Information
Standard status
Active
Size
1,392 SF
Property subtype
Multifamily
Zoning
R2
Additional Details
Multifamily Units
2
Building Details
Year Built
1928
Buildings
2
Units
2
Listing Agency:
Compass
(858) 229-8752
Listed By:
Jill Eastman · License #01809507
Source:
Crexi
Added: Jul 28
Changed: Aug 11
Last Checked: Aug 11 at 4:51AM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1928, this 1,392 SF duplex includes two residential units and a rear lot. The front unit features newer dual-pane windows, while long-term tenants are already in place.
The property is located at 4251-53 Pepper Dr, San Diego, CA 92105, and carries R2 zoning. The rear lot is identified as offering possible ADU potential, subject to applicable approvals and requirements.
The property is located at 4251-53 Pepper Dr, San Diego, CA 92105, and carries R2 zoning. The rear lot is identified as offering possible ADU potential, subject to applicable approvals and requirements.
Key Highlights
- 1,392 SF duplex built in 1928
- R2 zoning
- Long‑term tenants in place
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
$28,260
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
3.01%
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%
$565,200
$565.2K
Cap Rate 7%
$403,714
$403.7K
Cap Rate 9%
$314,000
$314.0K
Market Conditions
NOI Build-Up for 1,392 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
$42.6K $30.60/SF
− Vacancy
−$2.2K −$1.60/SF
EGI
$40.4K $29.00/SF
− OpEx
−$12.1K −$8.70/SF
NOI
$28.3K $20.30/SF
Area
ZIP 92105
Vacancy
5.22%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$565,200
Cap Rate 7%
$403,714
Cap Rate 9%
$314,000
Alternative Uses
Best Use
Multifamily LT 5
$403.7K
$353.3K – $471.0K
NOI $28,260 @ 7.0% cap · market cap 3.01%
Second Best
Apartment 5plus
$372.1K
$325.6K – $434.1K
NOI $26,046 @ 7.0% cap · market cap 2.78%
Theoretical Best
Specialty Retail
$549.8K
$481.1K – $641.4K
NOI $38,486 @ 7.0% cap · market cap 4.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
414
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - R2-zoned duplex with long-term tenants and newer dual-pane windows in the front unit.
Where is this duplex located?
The property is located at 4251-53 Pepper Dr San Diego, CA.
What is the asking price?
The asking price for this property is $938,000.
What are key features of this property?
This property features: 1,392 SF duplex built in 1928; R2 zoning; Long‑term tenants in place
