Turnkey Three-Unit Multifamily
For Sale
$1,900,000
4454-4460 Campus Avenue, San Diego, CA 92116
Three fully renovated units include a duplex with balconies and a standalone rear unit, with garages and laundry.
Property Size3,341 SF
Price / SF$568.69
Days on Market61
Property Features for 4454-4460 Campus Avenue
General Information
Standard status
Active
Size
3,341 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
R-3
Additional Details
Multifamily Units
3
Amenities
washer/dryer
pavered patio
balcony
front porch
rear yard
2 Story
N/K
Fireplace, Wall/Gravity
5.0
2
5
7
Composition
Full
3
Wood
Building Details
Year Built
1910
Stories
2
Construction
craftsman
Tenancy
Multi
Listing Agency:
House333
Listed By:
Luke Kensen · License #01519602
(619) 333-8088
Source:
Compass
Added: Jul 9
Changed: Sep 6
Last Checked: Sep 6 at 3:02PM
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 House333
Investment Insights
Based on property information with market context.
A turnkey three-unit property featuring a 2-story craftsman-style duplex and a standalone rear third unit. The front duplex units include refinished wood flooring, newly updated kitchens and baths, and restored gum wood detailing in soft white. Laundry is provided with a new stackable full-sized washer/dryer for the front units, while the rear unit has laundry set up in a garage space. Exterior improvements include recently re-landscaped front and back yards and a pavered patio shared by the property. Each unit has its own outdoor space, with a balcony, front porch, or rear yard.
Located in the heart of University Heights, the property is described as walkable to restaurants, shops, and Trolley Park, with 2-car individual garages accessible off the alley. The third unit includes a half-sized garage used for laundry, along with two additional parking spaces off the alley positioned next to the garage structure.
The property is presented as ready for investment, with the seller’s suggested setup allowing an owner to occupy the rear unit while tenants occupy the front two units.
Located in the heart of University Heights, the property is described as walkable to restaurants, shops, and Trolley Park, with 2-car individual garages accessible off the alley. The third unit includes a half-sized garage used for laundry, along with two additional parking spaces off the alley positioned next to the garage structure.
The property is presented as ready for investment, with the seller’s suggested setup allowing an owner to occupy the rear unit while tenants occupy the front two units.
Key Highlights
- Turnkey 3‑unit property built in 1910: 2‑story craftsman duplex plus a standalone rear 3rd unit
- Fully renovated with refinished wood flooring, new kitchens and baths, and restored gum wood details
- Each unit offers outdoor space: balconies and front porch or rear yard
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
$59,849
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
3.15%
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%
$1,196,980
$1.2M
Cap Rate 7%
$854,986
$855.0K
Cap Rate 9%
$664,989
$665.0K
Market Conditions
NOI Build-Up for 3,341 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
$90.2K $27.00/SF
− Vacancy
−$4.7K −$1.41/SF
EGI
$85.5K $25.59/SF
− OpEx
−$25.6K −$7.68/SF
NOI
$59.8K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$1,196,980
Cap Rate 7%
$854,986
Cap Rate 9%
$664,989
Alternative Uses
Best Use
Multifamily LT 5
$855.0K
$748.1K – $997.5K
NOI $59,849 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$788.9K
$690.3K – $920.3K
NOI $55,220 @ 7.0% cap · market cap 2.91%
Theoretical Best
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,372 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 92116, CA
31,523
Population
17,827
Households
1.8
Avg Household Size
37
Median Age
58%
College-Educated
96%
High-School Grad
3.4 sq mi
ZIP Area
9,271
Density / Sq Mi
$95,775
Median Household Income
$63,420
Median Earnings
$1,903
Median Rent
$898,500
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?
Triplex - Three fully renovated units include a duplex with balconies and a standalone rear unit, with garages and laundry.
Where is this triplex located?
The property is located at 4454-4460 Campus Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Turnkey 3‑unit property built in 1910: 2‑story craftsman duplex plus a standalone rear 3rd unit; Fully renovated with refinished wood flooring, new kitchens and baths, and restored gum wood details; Each unit offers outdoor space: balconies and front porch or rear yard
