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    Remodeled Fourplex in Normal Heights Title is generated by Realmo AI

    4530-4536 38th St, San Diego, CA 92116

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    Fully remodeled fourplex in a vibrant, walkable San Diego location.

    Type:Multifamily
    Property size:
    3,224 SF
    Price / SF:
    $682/SF
    Added:
    Feb 19, 2026
    Days on Market:
    96
    Last Refresh:
    Mar 19 at 9:49 pm

    Property Features for 4530-4536 38th St

    General Information

    Standard status
    Active
    Size
    3,224 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1943

    We can help!

    Listing Contact
    Christopher Burgos

    Listing agent Christopher Burgos License #02122669

    Listing office Coldwell Banker West

    Listing date Feb 19, 2026

    Source Crexi

    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 Coldwell Banker West

    HighLights

    • Fully remodeled fourplex with strong in‑place income ($156,000 annually) and potential for significant increase through short‑term rentals (projected $234,000 annually).
    • Strategically located in Normal Heights, a highly walkable community near University Heights, North Park, and Kensington.
    • Turnkey property with extensively remodeled units featuring new windows, updated flooring, fresh paint, and exterior enhancements.
    • Rare house‑hack opportunity for VA‑qualified buyers with potential for 0% down payment due to conforming loan limit.
    • RM‑1‑1 zoning, alley access, and location within a Transit Priority Area and Sustainable Development Area offer maximum development flexibility and density potential.
    • Fully occupied with long‑term rents, providing immediate income.

    Overview

    Located in Normal Heights, this fully remodeled fourplex at 4530–4536 38th Street offers 3,224 square feet of living space. Situated steps from University Heights, North Park, and Kensington, the property benefits from the culture and appreciation trends of these neighborhoods. The units were extensively remodeled in late 2023, with upgrades including new windows, updated flooring, fresh interior paint, and exterior enhancements. The property is fully occupied and generates approximately $156,000 in gross annual income from long-term rents. The property's location in a high-demand rental corridor presents an opportunity for short-term rental positioning, with projected total gross revenue of roughly $234,000 per year. The RM-1-1 zoning, alley access, transit priority area status, sustainable development area designation, and Complete Communities initiative offer development flexibility and density potential, subject to city approval. This property is suitable for investors and owner-users.
    Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.1123322
    Latitude
    32.7596223

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    FAQs

    What type of property is this?
    Quadplex - Fully remodeled fourplex in a vibrant, walkable San Diego location.
    Where is this quadplex located?
    The property is located at 4530-4536 38th St San Diego, CA.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: Fully remodeled fourplex with strong in‑place income ($156,000 annually) and potential for significant increase through short‑term rentals (projected $234,000 annually).; Strategically located in Normal Heights, a highly walkable community near University Heights, North Park, and Kensington.; Turnkey property with extensively remodeled units featuring new windows, updated flooring, fresh paint, and exterior enhancements.
    (754) 777-3333 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Christopher Burgos
    Real Estate License ID: 02122669
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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