Renovated 9-Unit Apartment
New
For Sale
$3,150,000
4657 Felton St, San Diego, CA 92116
Renovated multifamily property with on-site parking, air conditioning, and shared laundry.
Property Size5,942 SF
Price / SF$530.12
Days on Market2
Property Features for 4657 Felton St
General Information
Standard status
Active
Size
5,942 SF
Total Parking Spaces
9
Property subtype
Commercial
Financials
Asking Price
$3,150,000
Cap Rate
5.42%
Units
Unit Mix
2 x 2BR/1BA, 7 x 1BR/1BA
Multifamily Units
9
Amenities
Air Conditioning
Common Laundry Facility
Building Details
Year Built
1969
Year Renovated
2018
Buildings
1
Units
9
Listing Agency:
Marcus & Millichap
Listed By:
Raymond Choi · License #01297138
(858) 735-6632
Source:
Elliman
Added: Sep 18
Last Checked: Sep 19 at 9:26AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
4657 Felton Street is a 9-unit apartment property totaling 5,942 square feet in San Diego’s Normal Heights neighborhood. Built in 1969 and substantially renovated in 2018, the building offers two 2-bedroom/1-bathroom apartments of approximately 825 SF and seven 1-bedroom/1-bathroom apartments averaging 615 SF. Each unit has air conditioning, while residents share a common laundry facility and 9 off-street parking spaces.
The property is located near Adams Avenue’s entertainment offerings and records a 91 walk score, 55 bike score, and 52 transit score. The unit mix, parking, climate control, and shared laundry provide a practical configuration for an urban multifamily asset. The offering reflects a 5.42% cap rate.
The property is located near Adams Avenue’s entertainment offerings and records a 91 walk score, 55 bike score, and 52 transit score. The unit mix, parking, climate control, and shared laundry provide a practical configuration for an urban multifamily asset. The offering reflects a 5.42% cap rate.
Key Highlights
- 9‑unit apartment property totaling 5,942 square feet
- 2018 repositioning included an extensive renovation plan
- Unit mix includes two 2‑bedroom/1‑bathroom and seven 1‑bedroom/1‑bathroom units
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
$98,210
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
3.12%
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%
$1,964,200
$2.0M
Cap Rate 7%
$1,403,000
$1.4M
Cap Rate 9%
$1,091,222
$1.1M
Market Conditions
NOI Build-Up for 5,942 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
$189.0K $31.80/SF
− Vacancy
−$10.4K −$1.75/SF
EGI
$178.6K $30.05/SF
− OpEx
−$80.4K −$13.52/SF
NOI
$98.2K $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%
$1,964,200
Cap Rate 7%
$1,403,000
Cap Rate 9%
$1,091,222
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.23M – $1.64M
NOI $98,210 @ 7.0% cap · market cap 3.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.35M
$2.05M – $2.74M
NOI $164,284 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,715
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with on-site parking, air conditioning, and shared laundry.
Where is this apartment building located?
The property is located at 4657 Felton St San Diego, CA.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 9‑unit apartment property totaling 5,942 square feet; 2018 repositioning included an extensive renovation plan; Unit mix includes two 2‑bedroom/1‑bathroom and seven 1‑bedroom/1‑bathroom units
