16-Unit Apartment
For Sale
$4,560,000
4480 49th Street, San Diego, CA 92115
Residential complex with onsite laundry, off-street parking, and landscaped outdoor areas.
Property Size12,382 SF
Price / SF$368.28
Days on Market383
Property Features for 4480 49th Street
General Information
Standard status
Active
Size
12,382 SF
Property subtype
Commercial-Res Income / Com-Res Income
Amenities
2
1.0
1
Listing Agency:
Conor Brennan, Broker
(720) 841-8139
Listed By:
Conor M Brennan · License #01918598
(720) 841-8139
Source:
Compass
Added: Aug 13, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:18AM
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 Conor Brennan, Broker
Investment Insights
Based on property information with market context.
This 16-unit apartment property contains exclusively one-bedroom residences, with outdoor patios or balconies available in select units. Upper-level apartments feature vaulted beam ceilings. Onsite laundry, 15 off-street parking spaces, and landscaped outdoor areas add functional amenities for residents.
Located at 4480 49th Street in San Diego’s Talmadge neighborhood, the property has a Walk Score of 83 and is near cafes, boutique shops, and local parks. The central setting also provides routes to major freeways, downtown San Diego, Balboa Park, and area beaches.
Located at 4480 49th Street in San Diego’s Talmadge neighborhood, the property has a Walk Score of 83 and is near cafes, boutique shops, and local parks. The central setting also provides routes to major freeways, downtown San Diego, Balboa Park, and area beaches.
Key Highlights
- 16 one‑bedroom apartment units
- 15 off‑street parking spaces
- Onsite laundry facility
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
$204,650
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
4.49%
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%
$4,093,000
$4.1M
Cap Rate 7%
$2,923,571
$2.9M
Cap Rate 9%
$2,273,889
$2.3M
Market Conditions
NOI Build-Up for 12,382 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
$393.7K $31.80/SF
− Vacancy
−$21.7K −$1.75/SF
EGI
$372.1K $30.05/SF
− OpEx
−$167.4K −$13.52/SF
NOI
$204.7K $16.53/SF
Area
San Diego, CA
Vacancy
5.50%
Lease Rate
$31.80 /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%
$4,093,000
Cap Rate 7%
$2,923,571
Cap Rate 9%
$2,273,889
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.56M – $3.41M
NOI $204,650 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.89M
$4.28M – $5.71M
NOI $342,338 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
Explore this area
Business Placement
Demographics for 92115, CA
64,251
Population
23,448
Households
2.7
Avg Household Size
30
Median Age
39%
College-Educated
87%
High-School Grad
6.2 sq mi
ZIP Area
10,363
Density / Sq Mi
$75,178
Median Household Income
$36,061
Median Earnings
$1,875
Median Rent
$722,500
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?
Apartment building - Residential complex with onsite laundry, off-street parking, and landscaped outdoor areas.
Where is this apartment building located?
The property is located at 4480 49th Street San Diego, CA.
What is the asking price?
The asking price for this property is $4,560,000.
What are key features of this property?
This property features: 16 one‑bedroom apartment units; 15 off‑street parking spaces; Onsite laundry facility
