Talmadge Multifamily Investment
For Sale
Contact for pricing
Pending
4480-86 51st St, San Diego, CA 92115
Seven-unit apartment building in desirable Talmadge neighborhood.
Property Size3,500 SF
Lot Size0.14 Acres
Days on Market192
Property Features for 4480-86 51st St
General Information
Standard status
Pending
Size
3,500 SF
Class
C
Total Parking Spaces
4
Lot size
0.14 Acres
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$96,420
Building Details
Year Built
1950
Buildings
3
Stories
2
Units
7
Listing Agency:
NorthMarq - San Diego
(415) 250-4947
Listed By:
Benn Vogelsang · License #CA DRE 01883437
Source:
Crexi
Added: Feb 2
Changed: Aug 8
Last Checked: Aug 12 at 12:36PM
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.
Located in the Talmadge neighborhood, the property at 4480-86 51st Street is a 7-unit apartment building constructed around 1950. The complex features five 1-bedroom, 1-bathroom units, a standalone 1-bedroom, 1-bathroom house, and a newly constructed 1-bedroom, 1-bathroom ADU unit. The structures total approximately 3,500 square feet on a 6,250 square foot lot. Four of the units have updated kitchens, bathrooms, flooring, fixtures, and appliances. Three units are equipped with mini-split units. All three staircases are new. The laundry room includes digital pay equipment. New turf and fencing have been installed. There are 4 off-street parking spaces, including the driveway. The property is situated north of El Cajon Blvd, offering walkability to eateries, bars, shops, services, and public transportation. It is also in close proximity to SDSU and provides easy freeway access, with a 15-minute drive to the beach. Talmadge is a mid-city region neighborhood in San Diego, bordered by Fairmount Avenue to the West, Montezuma Road/Collwood Boulevard to the Northeast, and El Cajon Boulevard to the South. The architecture in Talmadge is eclectic, featuring Spanish Revival, California bungalows, Cape Cod cottages, and Normandy Style homes. Several homes in Talmadge were designed by Southern California architect Cliff May.
Key Highlights
- Located in the highly desirable Talmadge neighborhood.
- 7‑unit apartment building with a newly constructed ADU.
- Four units have been recently renovated with new kitchens, bathrooms, flooring, fixtures, and appliances.**
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
$57,848
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
3.05%
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%
$1,156,960
$1.2M
Cap Rate 7%
$826,400
$826.4K
Cap Rate 9%
$642,756
$642.8K
Market Conditions
NOI Build-Up for 3,500 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
$111.3K $31.80/SF
− Vacancy
−$6.1K −$1.75/SF
EGI
$105.2K $30.05/SF
− OpEx
−$47.3K −$13.52/SF
NOI
$57.8K $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%
$1,156,960
Cap Rate 7%
$826,400
Cap Rate 9%
$642,756
Alternative Uses
Best Use
Apartment 5plus
$826.4K
$723.1K – $964.1K
NOI $57,848 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,768 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,082
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 - Seven-unit apartment building in desirable Talmadge neighborhood.
Where is this apartment building located?
The property is located at 4480-86 51st St San Diego, CA.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Located in the highly desirable Talmadge neighborhood.; 7‑unit apartment building with a newly constructed ADU.; Four units have been recently renovated with new kitchens, bathrooms, flooring, fixtures, and appliances.**
