Custom-Built Multifamily
For Sale
$2,650,000
4655 33rd, San Diego, CA 92116
Built in 1986 and AB721 compliant, this multifamily features copper plumbing, newer electric, and ground-floor private patios.
Property Size4,968 SF
Days on Market119
Property Features for 4655 33rd
General Information
Standard status
Active
Size
4,968 SF
Total Parking Spaces
9
Property subtype
Multi Family Home
Zoning
R-3:RESTRI
Additional Details
Multifamily Units
9
Building Details
Building Size
4,968 SF
Year Built
1986
Buildings
1
Stories
2
Units
9
Listing Agency:
Bridgepoint Realty Inc
(714) 474-4495
Listed By:
Jeff Diller · License #01959483
(714) 474-4495
Source:
Americangrouponline
Added: Apr 17
Changed: Aug 8
Last Checked: Aug 12 at 1:06PM
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 Bridgepoint Realty Inc
Investment Insights
Based on property information with market context.
This custom-built multifamily property was constructed in 1986 and is being offered for sale for the first time since construction. The building includes copper plumbing, ABS sewer lines, newer electrical, and a pitched roof. Unit mix consists of (7) one-bedroom one-bath residences and (2) two-bedroom two-bath residences. Several ground-floor units include private patios, and parking is provided for all residents with a combination of covered carports off the alley and a two-car garage.
The property is described as walk-score 95, and it is noted as AB721 compliant. The listing also states the existing financing includes an assumable first with Chase Bank.
The owner may take the property as-is or pursue strategic renovations to align with available upside, with the option for short- or long-term operation as described in the remarks.
The property is described as walk-score 95, and it is noted as AB721 compliant. The listing also states the existing financing includes an assumable first with Chase Bank.
The owner may take the property as-is or pursue strategic renovations to align with available upside, with the option for short- or long-term operation as described in the remarks.
Key Highlights
- Built in 1986 and AB721 compliant multifamily
- Copper plumbing and ABS sewer lines
- Newer electrical system
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
$82,111
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
3.10%
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%
$1,642,220
$1.6M
Cap Rate 7%
$1,173,014
$1.2M
Cap Rate 9%
$912,344
$912.3K
Market Conditions
NOI Build-Up for 4,968 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
$158.0K $31.80/SF
− Vacancy
−$8.7K −$1.75/SF
EGI
$149.3K $30.05/SF
− OpEx
−$67.2K −$13.52/SF
NOI
$82.1K $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%
$1,642,220
Cap Rate 7%
$1,173,014
Cap Rate 9%
$912,344
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,111 @ 7.0% cap · market cap 3.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.96M
$1.72M – $2.29M
NOI $137,355 @ 7.0% cap · market cap 5.18%
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
2,045
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 - Built in 1986 and AB721 compliant, this multifamily features copper plumbing, newer electric, and ground-floor private patios.
Where is this apartment building located?
The property is located at 4655 33rd San Diego, CA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Built in 1986 and AB721 compliant multifamily; Copper plumbing and ABS sewer lines; Newer electrical system
