Newer-Construction 11-Unit
For Sale
$4,190,000
4781 Cereza St, San Diego, CA 92102
Newly completed 11-unit community with a mix of one- and two-bedroom apartments on a 10,085 sq. ft. lot.
Property Size8,380 SF
Lot Size0.23 Acres
Price / SF$500
Days on Market52
Property Features for 4781 Cereza St
General Information
Standard status
Active
Size
8,380 SF
Lot size
0.23 Acres
Additional Details
Highway Access
Yes
Multifamily Units
11
Building Details
Year Built
2025
Tenancy
Multi
Listing Agency:
Colliers International SD, Inc
Listed By:
Aaron Bove · License #01318320
(858) 373-3237
Source:
Myfabuloushome
Added: Jul 20
Changed: Sep 8
Last Checked: Sep 8 at 6:23AM
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 Colliers International SD, Inc
Investment Insights
Based on property information with market context.
This newer-construction multifamily property contains 11 residential units in a single building, completed between 2023 and 2025. The unit mix includes three one-bedroom/one-bath homes, four two-bedroom/one-bath homes, and four two-bedroom/two-bath homes, all designed as modern residences.
The property is located in San Diego at 4781–4787 Cereza Street and 5024 Imperial Avenue and is described as convenient to public transportation, shopping, schools, and major freeways. WalkScore is listed at 70 (somewhat walkable) and transitScore at 49 (some transit), with BikeScore at 50 (bikeable).
The approximately 8,380-square-foot building is sited on a 10,085-square-foot lot. The public remarks note limited near-term capital requirements.
The property is located in San Diego at 4781–4787 Cereza Street and 5024 Imperial Avenue and is described as convenient to public transportation, shopping, schools, and major freeways. WalkScore is listed at 70 (somewhat walkable) and transitScore at 49 (some transit), with BikeScore at 50 (bikeable).
The approximately 8,380-square-foot building is sited on a 10,085-square-foot lot. The public remarks note limited near-term capital requirements.
Key Highlights
- Newer‑construction 11‑unit multifamily community at 4781–4787 Cereza St and 5024 Imperial Ave, San Diego
- Completed between 2023 and 2025
- Unit mix: 3 one‑bedroom/one‑bath, 4 two‑bedroom/one‑bath, and 4 two‑bedroom/two‑bath 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
$138,505
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
3.31%
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%
$2,770,100
$2.8M
Cap Rate 7%
$1,978,643
$2.0M
Cap Rate 9%
$1,538,944
$1.5M
Market Conditions
NOI Build-Up for 8,380 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
$266.5K $31.80/SF
− Vacancy
−$14.7K −$1.75/SF
EGI
$251.8K $30.05/SF
− OpEx
−$113.3K −$13.52/SF
NOI
$138.5K $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%
$2,770,100
Cap Rate 7%
$1,978,643
Cap Rate 9%
$1,538,944
Alternative Uses
Best Use
Apartment 5plus
$1.98M
$1.73M – $2.31M
NOI $138,505 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,690 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
902
Businesses Nearby
Explore this area
Business Placement
Demographics for 92102, CA
39,783
Population
15,622
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
80%
High-School Grad
4.5 sq mi
ZIP Area
8,841
Density / Sq Mi
$71,319
Median Household Income
$40,142
Median Earnings
$1,855
Median Rent
$646,600
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 - Newly completed 11-unit community with a mix of one- and two-bedroom apartments on a 10,085 sq. ft. lot.
Where is this apartment building located?
The property is located at 4781 Cereza St San Diego, CA.
What is the asking price?
The asking price for this property is $4,190,000.
What are key features of this property?
This property features: Newer‑construction 11‑unit multifamily community at 4781–4787 Cereza St and 5024 Imperial Ave, San Diego; Completed between 2023 and 2025; Unit mix: 3 one‑bedroom/one‑bath, 4 two‑bedroom/one‑bath, and 4 two‑bedroom/two‑bath units
