San Diego Multifamily Investment
For Sale
$26,500,000
4881 Rolando Court, San Diego, CA 92115
109-unit apartment community near San Diego State University.
Property Size73,444 SF
Price / SF$360.82
Days on Market187
Property Features for 4881 Rolando Court
General Information
Standard status
Active
Size
73,444 SF
Property subtype
Commercial
Listing Agency:
NorthMarq Multifamily
(415) 250-4947
Listed By:
Benn Vogelsang · License #DRE01883437
(714) 731-3777
Source:
Sevengables
Added: Feb 23
Changed: Aug 28
Last Checked: Aug 29 at 10:26AM
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 NorthMarq Multifamily
Investment Insights
Based on property information with market context.
Crescent Gardens is a 109-unit garden-style apartment community located in the College Village neighborhood of San Diego, within the San Diego State University submarket. Constructed in 1967, the property is positioned as a stable, income-producing asset. Its location caters to students, faculty, and young professionals, providing convenient access to San Diego State University (SDSU), situated just blocks away. The property also offers accessibility to major employment centers, shopping, dining, and recreational opportunities within the greater San Diego metro area. The property size is 73,444 square feet.
Key Highlights
- Prime location in San Diego's College Village, appealing to students, faculty, and young professionals.
- Proximity to San Diego State University (SDSU), just blocks away.
- Convenient access to major employment centers, shopping, dining, and recreation.
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
$1,213,886
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
4.58%
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%
$24,277,720
$24.3M
Cap Rate 7%
$17,341,229
$17.3M
Cap Rate 9%
$13,487,622
$13.5M
Market Conditions
NOI Build-Up for 73,444 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
$2.34M $31.80/SF
− Vacancy
−$128.5K −$1.75/SF
EGI
$2.21M $30.05/SF
− OpEx
−$993.2K −$13.52/SF
NOI
$1.21M $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%
$24,277,720
Cap Rate 7%
$17,341,229
Cap Rate 9%
$13,487,622
Alternative Uses
Best Use
Apartment 5plus
$17.34M
$15.17M – $20.23M
NOI $1,213,886 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$29.01M
$25.38M – $33.84M
NOI $2,030,580 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,904
Businesses Nearby
Explore this area
Business Placement
Demographics for 92115, CA
64,251
Population
23,448
Households
2.7
Avg Household Size
30
Median Age
39%
College-Educated
87%
High-School Grad
6.2 sq mi
ZIP Area
10,363
Density / Sq Mi
$75,178
Median Household Income
$36,061
Median Earnings
$1,875
Median Rent
$722,500
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 - 109-unit apartment community near San Diego State University.
Where is this apartment building located?
The property is located at 4881 Rolando Court San Diego, CA.
What is the asking price?
The asking price for this property is $26,500,000.
What are key features of this property?
This property features: Prime location in San Diego's College Village, appealing to students, faculty, and young professionals.; Proximity to San Diego State University (SDSU), just blocks away.; Convenient access to major employment centers, shopping, dining, and recreation.
