Gated 9-Unit Apartment
For Sale
$2,950,000
4522 Oregon Street San Diego, San Diego, CA 92116
Secure multifamily property with private patios, on-site laundry, and off-street parking near Adams Avenue in University Heights.
Property Size6,165 SF
Price / SF$478.51
Days on Market61
Property Features for 4522 Oregon Street San Diego
General Information
Standard status
Active
Size
6,165 SF
Total Parking Spaces
9
Zoning
RM-2-5 https://scoutred.
Net Operating Income
$154,011
Additional Details
Cap Rate
5.22%
Multifamily Units
9
Amenities
1
false
2
Common Area
Landscaped,Level,Near Park,Near Public Transit,Paved,Street Level
6982
Public Records
6165
Building Details
Building Size
6,165 SF
Year Built
1972
Buildings
1
Listing Agency:
Top Gun CRE; maxd@topguncre.com
(909) 328-1567
Listed By:
Elizabeth Hernandez · License #01964069
(909) 328-1567
Source:
Rmarealty
Added: Jun 30
Changed: Aug 28
Last Checked: Aug 29 at 6:27AM
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 Top Gun CRE; maxd@topguncre.com
Investment Insights
Based on property information with market context.
Sundance Apartments is a gated 9-unit multifamily property built in 1972. The tenant mix consists of six 1BR/1BA units and three 2BR/1BA units. Several units feature select private patios and/or balconies, and there is a common area patio with mature landscaping. The property also includes on-site laundry and a total of nine off-street parking spaces.
The building is located in San Diego’s University Heights neighborhood, approximately 1.5 blocks from Adams Avenue, and positioned 1.5 blocks south of Adams Avenue. The immediate area offers nearby dining, retail, and entertainment, with convenience to major freeways and neighborhood amenities.
This asset is offered for sale with a stated 5.22% current cap rate and stable in-place income. Operationally, the property is turnkey for experienced owners, and one 2BR unit is currently for lease, supporting near-term occupancy activity alongside any planned interior updates.
The building is located in San Diego’s University Heights neighborhood, approximately 1.5 blocks from Adams Avenue, and positioned 1.5 blocks south of Adams Avenue. The immediate area offers nearby dining, retail, and entertainment, with convenience to major freeways and neighborhood amenities.
This asset is offered for sale with a stated 5.22% current cap rate and stable in-place income. Operationally, the property is turnkey for experienced owners, and one 2BR unit is currently for lease, supporting near-term occupancy activity alongside any planned interior updates.
Key Highlights
- 9‑unit multifamily in University Heights built in 1972 (2 stories, 1 building total)
- Unit mix: (6) 1BR/1BA and (3) 2BR/1BA
- Gated property with select private patios/balconies and a common area patio with mature landscaping
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
$101,895
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
3.45%
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%
$2,037,900
$2.0M
Cap Rate 7%
$1,455,643
$1.5M
Cap Rate 9%
$1,132,167
$1.1M
Market Conditions
NOI Build-Up for 6,165 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
$196.0K $31.80/SF
− Vacancy
−$10.8K −$1.75/SF
EGI
$185.3K $30.05/SF
− OpEx
−$83.4K −$13.52/SF
NOI
$101.9K $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%
$2,037,900
Cap Rate 7%
$1,455,643
Cap Rate 9%
$1,132,167
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.27M – $1.70M
NOI $101,895 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.44M
$2.13M – $2.84M
NOI $170,450 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
2,426
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?
Apartment building - Secure multifamily property with private patios, on-site laundry, and off-street parking near Adams Avenue in University Heights.
Where is this apartment building located?
The property is located at 4522 Oregon Street San Diego San Diego, CA.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 9‑unit multifamily in University Heights built in 1972 (2 stories, 1 building total); Unit mix: (6) 1BR/1BA and (3) 2BR/1BA; Gated property with select private patios/balconies and a common area patio with mature landscaping
