RM-2-5 Multifamily Redevelopment
For Sale
$1,242,000
Pending
4715-4717 Blackfoot Avenue, San Diego, CA 92117
For sale multifamily property in the Complete Communities Housing Solutions overlay with RM-2-5 zoning and immediate rental income.
Property Size6,739 SF
Days on Market56
Property Features for 4715-4717 Blackfoot Avenue
General Information
Standard status
Pending
Size
6,739 SF
Property subtype
Residential Income
Zoning
RM-2-5
Amenities
1 Story
N/K
Wall/Gravity
2.0
1
2
4
Rolled/Hot Mop
Partial
Value in Land
Stucco
Building Details
Year Built
1953
Listing Agency:
The Kurniadi Group
(858) 461-8880
Listed By:
David Kurniadi · License #01792528
(858) 461-8880
Source:
Compass
Added: Jun 30
Changed: Aug 23
Last Checked: Jul 26 at 5:35AM
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 The Kurniadi Group
Investment Insights
Based on property information with market context.
This for-sale multifamily property is positioned to provide immediate rental income while also offering redevelopment potential, subject to buyer investigation and City approvals. The property is listed as zoned RM-2-5 and is located within the Complete Communities Housing Solutions overlay.
The existing zoning and overlay present a pathway to pursue substantially increased residential density, again contingent on required approvals. The property also presents the possibility of future upper-level development designed to capture ocean views, depending on feasibility and City review. Interested parties should verify all redevelopment options and requirements directly with the City.
The existing zoning and overlay present a pathway to pursue substantially increased residential density, again contingent on required approvals. The property also presents the possibility of future upper-level development designed to capture ocean views, depending on feasibility and City review. Interested parties should verify all redevelopment options and requirements directly with the City.
Key Highlights
- Multifamily property built in 1953 with immediate rental income potential
- Zoned RM‑2‑5
- Located within the Complete Communities Housing Solutions overlay, with potential for increased residential density subject to buyer investigation and City approvals
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
$111,383
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
8.97%
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%
$2,227,660
$2.2M
Cap Rate 7%
$1,591,186
$1.6M
Cap Rate 9%
$1,237,589
$1.2M
Market Conditions
NOI Build-Up for 6,739 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
$214.3K $31.80/SF
− Vacancy
−$11.8K −$1.75/SF
EGI
$202.5K $30.05/SF
− OpEx
−$91.1K −$13.52/SF
NOI
$111.4K $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%
$2,227,660
Cap Rate 7%
$1,591,186
Cap Rate 9%
$1,237,589
Alternative Uses
Best Use
Apartment 5plus
$1.59M
$1.39M – $1.86M
NOI $111,383 @ 7.0% cap · market cap 8.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.66M
$2.33M – $3.11M
NOI $186,320 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Explore this area
Business Placement
Demographics for 92117, CA
51,505
Population
21,706
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
91%
High-School Grad
8.7 sq mi
ZIP Area
5,920
Density / Sq Mi
$105,286
Median Household Income
$58,135
Median Earnings
$2,115
Median Rent
$914,400
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?
Multifamily property - For sale multifamily property in the Complete Communities Housing Solutions overlay with RM-2-5 zoning and immediate rental income.
Where is this multifamily property located?
The property is located at 4715-4717 Blackfoot Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $1,242,000.
What are key features of this property?
This property features: Multifamily property built in 1953 with immediate rental income potential; Zoned RM‑2‑5; Located within the Complete Communities Housing Solutions overlay, with potential for increased residential density subject to buyer investigation and City approvals
