Renovated 11-Unit Apartment
For Sale
Contact for pricing
4784 Cereza Street, San Diego, CA 92102
Fully renovated 11-unit building with one- and two-bedroom apartments and updated kitchens and systems.
Property Size8,380 SF
Price / SF$500
Days on Market59
Property Features for 4784 Cereza Street
General Information
Standard status
Active
Size
8,380 SF
Property subtype
Multifamily
Building Details
Year Built
2023
Listing Agency:
Colliers - Los Angeles - La Jolla, California
Listed By:
Aaron Bove · License #CA 01318320
Source:
Crexi
Added: Jun 9
Changed: Jul 10
Last Checked: Aug 5 at 11:02AM
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 - Los Angeles - La Jolla, California
Investment Insights
Based on property information with market context.
This fully renovated 11-unit apartment community was originally constructed in 2023 and updated in 2025. The 8,380-square-foot property includes an efficient unit mix of one- and two-bedroom apartments, with contemporary updates carried through recent work. Renovations include new kitchens and bathrooms, updated flooring, and refreshed building systems, designed for improved durability and day-to-day ease of operation.
The property is located at 4784 Cereza Street in San Diego’s Lincoln Park neighborhood, on a 0.23-acre lot. As described, the area is positioned for convenient access to major employment destinations including Downtown, National City, and the Mid-City corridor, with proximity to public transportation.
For investors or owner-operators seeking a turn-key, recently refreshed income property, this community offers a straightforward, low-maintenance configuration with modern in-place improvements. The combination of the 2023 construction and 2025 updates supports a practical tenant-ready presentation, while the one- and two-bedroom mix can appeal to a range of household types looking for updated rental housing with urban accessibility.
The property is located at 4784 Cereza Street in San Diego’s Lincoln Park neighborhood, on a 0.23-acre lot. As described, the area is positioned for convenient access to major employment destinations including Downtown, National City, and the Mid-City corridor, with proximity to public transportation.
For investors or owner-operators seeking a turn-key, recently refreshed income property, this community offers a straightforward, low-maintenance configuration with modern in-place improvements. The combination of the 2023 construction and 2025 updates supports a practical tenant-ready presentation, while the one- and two-bedroom mix can appeal to a range of household types looking for updated rental housing with urban accessibility.
Key Highlights
- 11‑unit apartment community built in 2023 and recently updated in 2025
- 8,380 SF building on a 0.23‑acre lot
- Unit mix offers 1- and 2‑bedroom apartments
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
Location Intelligence
Trade Area within ½ mile
797
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 11-unit building with one- and two-bedroom apartments and updated kitchens and systems.
Where is this apartment building located?
The property is located at 4784 Cereza Street 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: 11‑unit apartment community built in 2023 and recently updated in 2025; 8,380 SF building on a 0.23‑acre lot; Unit mix offers 1- and 2‑bedroom apartments
