Multifamily Income
For Sale
$1,450,000
Pending
4373 51st St, San Diego, CA 92105
Well-appointed rental building with a mix of one- and three-bedroom units, plus on-site laundry and tenant storage.
Property Size3,658 SF
Lot Size0.14 Acres
Days on Market760
Property Features for 4373 51st St
General Information
Standard status
Pending
Size
3,658 SF
Lot size
0.14 Acres
Additional Details
Opportunity Zone
Yes
Multifamily Units
7
Listing Agency:
Keller Williams Carmel Valley
(858) 461-9910
Listed By:
Jordan Concepcion · License #01936834
(858) 461-9910
Source:
Exprealty
Added: Jul 15, 2024
Changed: Jul 10
Last Checked: Aug 12 at 1:14PM
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 Keller Williams Carmel Valley
Investment Insights
Based on property information with market context.
The property is a multifamily income building on a 6,250 square foot lot, consisting of one 3-bedroom/2-bath unit and six 1-bedroom/1-bath units totaling approximately 3,658 rentable square feet. Interior upgrades include laminate flooring, recessed lighting, kitchen bar tops, stainless steel appliances, and quartz countertops.
Tenants have access to two two-car garages and five storage lockers, along with on-site laundry. The opportunity zone designation is noted in the seller’s remarks.
For buyers seeking an owner-operated or investment-focused multifamily with a unit mix that includes both one-bedroom and a larger three-bedroom layout, this configuration supports diversified residential demand. The building’s in-unit improvements and dedicated tenant storage and garage access are practical amenities for prospective residents.
Tenants have access to two two-car garages and five storage lockers, along with on-site laundry. The opportunity zone designation is noted in the seller’s remarks.
For buyers seeking an owner-operated or investment-focused multifamily with a unit mix that includes both one-bedroom and a larger three-bedroom layout, this configuration supports diversified residential demand. The building’s in-unit improvements and dedicated tenant storage and garage access are practical amenities for prospective residents.
Key Highlights
- Situated on a 6,250 SF lot with a total of approx. 3,658 rentable SF across one 3BD/2BA unit and six 1BD/1BA units
- Interior upgrades include laminate flooring, recessed lighting, kitchen bar tops, stainless steel appliances, and quartz countertops
- On‑site laundry available for tenants
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
$68,445
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
4.72%
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%
$1,368,900
$1.4M
Cap Rate 7%
$977,786
$977.8K
Cap Rate 9%
$760,500
$760.5K
Market Conditions
NOI Build-Up for 3,658 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
$131.7K $36.00/SF
− Vacancy
−$7.2K −$1.98/SF
EGI
$124.4K $34.02/SF
− OpEx
−$56.0K −$15.31/SF
NOI
$68.4K $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%
$1,368,900
Cap Rate 7%
$977,786
Cap Rate 9%
$760,500
Alternative Uses
Best Use
Apartment 5plus
$977.8K
$855.6K – $1.14M
NOI $68,445 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.69M
NOI $101,136 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,454
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 - Well-appointed rental building with a mix of one- and three-bedroom units, plus on-site laundry and tenant storage.
Where is this apartment building located?
The property is located at 4373 51st St San Diego, CA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Situated on a 6,250 SF lot with a total of approx. 3,658 rentable SF across one 3BD/2BA unit and six 1BD/1BA units; Interior upgrades include laminate flooring, recessed lighting, kitchen bar tops, stainless steel appliances, and quartz countertops; On‑site laundry available for tenants
