Renovated 9-Unit Apartment
New
For Sale
$2,800,000
4357 39th St, San Diego, CA 92105
Remodeled single-story apartment community with uniform one-bedroom residences and dedicated garage parking.
Property Size5,080 SF
Lot Size0.29 Acres
Price / SF$551.18
Days on Market2
Property Features for 4357 39th St
General Information
Standard status
Active
Size
5,080 SF
Total Parking Spaces
9
Lot size
0.29 Acres
Property subtype
Commercial
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Building Details
Year Built
1926
Year Renovated
2025
Stories
1
Units
9
Listing Agency:
NorthMarq Multifamily; 415-250-4947
Listed By:
Benn Vogelsang · License #01883437
(415) 250-4947
Source:
Elliman
Added: Sep 19
Last Checked: Sep 19 at 3:10PM
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 NorthMarq Multifamily; 415-250-4947
Investment Insights
Based on property information with market context.
This apartment property comprises 9 one-bedroom, one-bathroom units across multiple single-story structures totaling 5,080 square feet. Originally built in 1926 and renovated in 2025, the community includes 9 garages, with four located on a separate 1,752-square-foot lot. Each residence received comprehensive interior improvements, including vinyl plank flooring, new baseboards, canned lighting, ceiling fans, window coverings, appliances, electric wall heaters, and upgraded electrical subpanels.
Kitchen and bath updates include new cabinetry, fixtures, hardware, and quartz countertops. Plumbing was replaced with copper and ABS as needed. Exterior work included a new roof, stucco repairs, fresh paint, updated doors, and landscaping. The property sits on a 12,666-square-foot lot in San Diego and has a Walk Score of 91, Bike Score of 55, and Transit Score of 52.
Kitchen and bath updates include new cabinetry, fixtures, hardware, and quartz countertops. Plumbing was replaced with copper and ABS as needed. Exterior work included a new roof, stucco repairs, fresh paint, updated doors, and landscaping. The property sits on a 12,666-square-foot lot in San Diego and has a Walk Score of 91, Bike Score of 55, and Transit Score of 52.
Key Highlights
- 9‑unit apartment community with all residences configured as 1 Bedroom / 1 Bathroom
- 5,080 square feet across multiple single‑story structures on a 12,666‑square‑foot lot
- Renovated in 2025, including complete unit interior remodels
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
$95,052
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
3.39%
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%
$1,901,040
$1.9M
Cap Rate 7%
$1,357,886
$1.4M
Cap Rate 9%
$1,056,133
$1.1M
Market Conditions
NOI Build-Up for 5,080 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
$182.9K $36.00/SF
− Vacancy
−$10.1K −$1.98/SF
EGI
$172.8K $34.02/SF
− OpEx
−$77.8K −$15.31/SF
NOI
$95.1K $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%
$1,901,040
Cap Rate 7%
$1,357,886
Cap Rate 9%
$1,056,133
Alternative Uses
Best Use
Apartment 5plus
$1.36M
$1.19M – $1.58M
NOI $95,052 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.01M
$1.76M – $2.34M
NOI $140,452 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,313
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
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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 - Remodeled single-story apartment community with uniform one-bedroom residences and dedicated garage parking.
Where is this apartment building located?
The property is located at 4357 39th St 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: 9‑unit apartment community with all residences configured as 1 Bedroom / 1 Bathroom; 5,080 square feet across multiple single‑story structures on a 12,666‑square‑foot lot; Renovated in 2025, including complete unit interior remodels
