7-Unit Apartment
For Sale
Contact for pricing
4669-73 Felton Street, San Diego, CA 92116
Historic multifamily property with a varied studio and one- and two-bedroom unit mix.
Property Size7,149 SF
Price / SF$237.10
Days on Market136
Property Features for 4669-73 Felton Street
General Information
Standard status
Active
Size
7,149 SF
Property subtype
Multifamily
Zoning
Estimated
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$76,331
Units
Unit Mix
4 x Studio, 2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
7
Building Details
Year Built
1911
Buildings
3
Stories
1
Units
5
Listing Agency:
Top Gun CRE Inc
(760) 718-8793
Listed By:
Bradley Baczkowski · License #02231722
Source:
Crexi
Added: Apr 17
Changed: Aug 29
Last Checked: Aug 29 at 5:35PM
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 Inc
Investment Insights
Based on property information with market context.
Built in 1911, this 7,149-square-foot apartment property contains five legal units and two nonconforming bonus units. The configuration includes four studios, two one-bedroom/one-bath units, and one two-bedroom/one-bath unit, offering a range of residential layouts within a compact multifamily asset.
The property is on Felton Street in San Diego, near the Normal Heights Sign and Adams Avenue. Nearby context includes local dining, nightlife, daily conveniences, and the surrounding communities of North Park and Kensington, with Downtown San Diego also identified in the property's immediate area description.
The property is on Felton Street in San Diego, near the Normal Heights Sign and Adams Avenue. Nearby context includes local dining, nightlife, daily conveniences, and the surrounding communities of North Park and Kensington, with Downtown San Diego also identified in the property's immediate area description.
Key Highlights
- 7‑unit apartment property with 5 legal units and 2 nonconforming bonus units
- 7,149 square feet with a 1911 construction date
- Unit mix includes 4 studios, 2 1bed/1bath, and 1 2bed/1bath
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
$118,159
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
6.97%
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%
$2,363,180
$2.4M
Cap Rate 7%
$1,687,986
$1.7M
Cap Rate 9%
$1,312,878
$1.3M
Market Conditions
NOI Build-Up for 7,149 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
$227.3K $31.80/SF
− Vacancy
−$12.5K −$1.75/SF
EGI
$214.8K $30.05/SF
− OpEx
−$96.7K −$13.52/SF
NOI
$118.2K $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%
$2,363,180
Cap Rate 7%
$1,687,986
Cap Rate 9%
$1,312,878
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,159 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.82M
$2.47M – $3.29M
NOI $197,656 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
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
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 - Historic multifamily property with a varied studio and one- and two-bedroom unit mix.
Where is this apartment building located?
The property is located at 4669-73 Felton Street San Diego, CA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 7‑unit apartment property with 5 legal units and 2 nonconforming bonus units; 7,149 square feet with a 1911 construction date; Unit mix includes 4 studios, 2 1bed/1bath, and 1 2bed/1bath
