7-Unit Apartment
For Sale
$2,300,000
4576 4582 Felton Street, San Diego, CA 92116
Two detached buildings combine a renovated home with a newly built, two-story residential building.
Property Size4,476 SF
Price / SF$513.85
Days on Market13
Property Features for 4576 4582 Felton Street
General Information
Standard status
Active
Size
4,476 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
R-3:Restricted Multiple
Site & Location
Neighborhood
Normal Heights
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BD/2BA, 2 x 2BD/2BA, 4 x 1BD/1BA
Multifamily Units
7
Additional Details
Cap Rate
5.64%
Sprinkler System
Yes
Amenities
private fenced yard
private entries
ductless mini-split A/C
tankless water heaters
quartz counters
electric ranges
individual water sub-meters
Building Details
Building Size
4,476 SF
Year Built
2024
Buildings
2
Stories
2
Units
7
Listing Agency:
Freedom Realty
(858) 324-6146
Listed By:
Reese Nickell
(858) 327-1544
Source:
Carealestatecenter
Added: Oct 12
Changed: Oct 22
Last Checked: Oct 22 at 2:25PM
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 Freedom Realty
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Investment Insights
Based on property information with market context.
At 4,476 square feet, the property comprises two detached buildings on one lot. The 1926 Spanish-style home has 2 bedrooms and 2 bathrooms, was renovated in 2022, and includes a detached garage and fenced yard. A second, two-story building contains six apartments: two 2-bedroom, 2-bathroom units and four 1-bedroom, 1-bathroom units. Apartment features include private entrances, ductless mini-split A/C, tankless water heaters, quartz counters, electric ranges, fire sprinklers, and individual water sub-meters.
Six of the seven units are leased, with one available to lease. The property is zoned R-3: Restricted Multiple and is reported to operate at a 5.64% cap rate, with a 6.60% cap rate projected at stabilization. The newer apartments may qualify for an exemption from AB 1482 rent caps; buyer to verify. Adams Avenue cafes, restaurants, and shops are within walking distance, with North Park, I-805, and I-8 nearby.
Six of the seven units are leased, with one available to lease. The property is zoned R-3: Restricted Multiple and is reported to operate at a 5.64% cap rate, with a 6.60% cap rate projected at stabilization. The newer apartments may qualify for an exemption from AB 1482 rent caps; buyer to verify. Adams Avenue cafes, restaurants, and shops are within walking distance, with North Park, I-805, and I-8 nearby.
Key Highlights
- Two detached buildings on one lot; 4,476 square feet total
- Seven units: two 2BD/2BA and four 1BD/1BA apartments, plus a 2BD/2BA home
- Six of seven units leased; one unit ready to lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,980
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,479,600
$1.5M
Cap Rate 7%
$1,056,857
$1.1M
Cap Rate 9%
$822,000
$822.0K
Market Conditions
NOI Build-Up for 4,476 SF
Gross rent
$142.3K $31.80/SF
− Vacancy
−$7.8K −$1.75/SF
EGI
$134.5K $30.05/SF
− OpEx
−$60.5K −$13.52/SF
NOI
$74.0K $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 Rate 5%
$1,479,600
Cap Rate 7%
$1,056,857
Cap Rate 9%
$822,000
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$924.8K – $1.23M
NOI $73,980 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.06M
NOI $123,752 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
7
Residential units
Yes
Sprinkler system
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,293
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two detached buildings combine a renovated home with a newly built, two-story residential building.
Where is this apartment building located?
The property is located at 4576 4582 Felton Street San Diego, CA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Two detached buildings on one lot; 4,476 square feet total; Seven units: two 2BD/2BA and four 1BD/1BA apartments, plus a 2BD/2BA home; Six of seven units leased; one unit ready to lease
