9-Unit Apartment
For Sale
Contact for pricing
4357-4363 39th Street, San Diego, CA 92105
Nine one-bedroom residences have been remodeled, with garage parking and updated building systems.
Property Size5,080 SF
Lot Size0.29 Acres
Price / SF$551.18
Days on Market9
Property Features for 4357-4363 39th Street
General Information
Standard status
Active
Size
5,080 SF
Total Parking Spaces
9
Lot size
0.29 Acres
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
9 x 1BR/1BA
Multifamily Units
9
Building Details
Year Built
1926
Year Renovated
2025
Stories
1
Listing Agency:
NorthMarq - San Diego
Listed By:
Benn Vogelsang · License #CA DRE 01883437
(415) 250-4947
Source:
Crexi
Added: Sep 17
Changed: Sep 24
Last Checked: Sep 24 at 3:03PM
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 - San Diego
Investment Insights
Based on property information with market context.
This nine-unit apartment property comprises several single-story buildings totaling 5,080 square feet on a 12,666-square-foot lot. Built in 1926 and renovated in 2025, it offers a consistent unit mix of one bedroom and one bathroom per residence. Nine garages are included; four are on a separate 1,752-square-foot lot at 4358 40th Street, APN 447-202-23-00.
The 2025 work included complete interior renovations, a new roof, stucco repairs, exterior paint, doors, and landscaping. Interior improvements include vinyl plank flooring, quartz kitchen and bath countertops, new cabinetry and fixtures, appliances, lighting, ceiling fans, and window coverings. Copper and ABS plumbing was installed as needed, and electric wall heaters are served by new subpanels.
The property is in Normal Heights, with North Park, Kensington, and University Heights nearby. It is less than 2 miles from two trolley stops in Mission Valley and provides access to I-805, I-15, and I-8.
The 2025 work included complete interior renovations, a new roof, stucco repairs, exterior paint, doors, and landscaping. Interior improvements include vinyl plank flooring, quartz kitchen and bath countertops, new cabinetry and fixtures, appliances, lighting, ceiling fans, and window coverings. Copper and ABS plumbing was installed as needed, and electric wall heaters are served by new subpanels.
The property is in Normal Heights, with North Park, Kensington, and University Heights nearby. It is less than 2 miles from two trolley stops in Mission Valley and provides access to I-805, I-15, and I-8.
Key Highlights
- 9 apartments, each with 1 bedroom and 1 bathroom
- 5,080 square feet across multiple single‑story buildings; built in 1926 and renovated in 2025
- 9 garages, including 4 on a separate 1,752‑square‑foot lot at 4358 40th Street
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
Current Use
Lease Details
9
Residential units
Yes
Highway access
Yes
Paved road access
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
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 - Nine one-bedroom residences have been remodeled, with garage parking and updated building systems.
Where is this apartment building located?
The property is located at 4357-4363 39th 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: 9 apartments, each with 1 bedroom and 1 bathroom; 5,080 square feet across multiple single‑story buildings; built in 1926 and renovated in 2025; 9 garages, including 4 on a separate 1,752‑square‑foot lot at 4358 40th Street
