24-Unit Multifamily Apartment
For Sale
$10,200,000
4935 Niagara Avenue, San Diego, CA 92107
Two-story 24-unit community built in 1972, featuring primarily one-bedroom residences with some two-bedroom units.
Property Size17,319 SF
Lot Size0.40 Acres
Price / SF$588.95
Days on Market118
Property Features for 4935 Niagara Avenue
General Information
Standard status
Active
Size
17,319 SF
Lot size
0.40 Acres
Property subtype
Commercial
Additional Details
Highway Access
Yes
Multifamily Units
24
Building Details
Year Built
1972
Stories
2
Tenancy
Multi
Listing Agency:
South Coast Commercial,Inc.
Listed By:
Kevin Hemstreet · License #01490629
(619) 226-6011
Source:
Sevengables
Added: May 11
Changed: Sep 4
Last Checked: Sep 5 at 9:29AM
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 South Coast Commercial,Inc.
Investment Insights
Based on property information with market context.
Westwind is a 24-unit multifamily apartment community built in 1972. The property is a two-story residential building and is described as well maintained. Unit mix is primarily one-bedroom, with a selection of two-bedroom residences.
Westwind is located in San Diego’s Ocean Beach neighborhood, steps from the Pacific Coast. The location provides convenient access to Interstate 8 and Sunset Cliffs Boulevard.
The property sits on a 17,501 square foot lot with approximately 17,319 square feet of building size. The seller notes the property will be shown subject to an accepted offer.
Westwind is located in San Diego’s Ocean Beach neighborhood, steps from the Pacific Coast. The location provides convenient access to Interstate 8 and Sunset Cliffs Boulevard.
The property sits on a 17,501 square foot lot with approximately 17,319 square feet of building size. The seller notes the property will be shown subject to an accepted offer.
Key Highlights
- 24‑unit multifamily property in San Diego’s Ocean Beach neighborhood
- Two‑story community built in 1972
- Primarily one‑bedroom units with some two‑bedroom residences
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
$286,249
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
2.81%
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%
$5,724,980
$5.7M
Cap Rate 7%
$4,089,271
$4.1M
Cap Rate 9%
$3,180,544
$3.2M
Market Conditions
NOI Build-Up for 17,319 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
$550.7K $31.80/SF
− Vacancy
−$30.3K −$1.75/SF
EGI
$520.5K $30.05/SF
− OpEx
−$234.2K −$13.52/SF
NOI
$286.2K $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%
$5,724,980
Cap Rate 7%
$4,089,271
Cap Rate 9%
$3,180,544
Alternative Uses
Best Use
Apartment 5plus
$4.09M
$3.58M – $4.77M
NOI $286,249 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.84M
$5.99M – $7.98M
NOI $478,836 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,661
Businesses Nearby
Explore this area
Business Placement
Demographics for 92107, CA
28,684
Population
14,658
Households
2
Avg Household Size
38
Median Age
62%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,561
Density / Sq Mi
$107,262
Median Household Income
$61,936
Median Earnings
$2,208
Median Rent
$1,218,200
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 - Two-story 24-unit community built in 1972, featuring primarily one-bedroom residences with some two-bedroom units.
Where is this apartment building located?
The property is located at 4935 Niagara Avenue San Diego, CA.
What is the asking price?
The asking price for this property is $10,200,000.
What are key features of this property?
This property features: 24‑unit multifamily property in San Diego’s Ocean Beach neighborhood; Two‑story community built in 1972; Primarily one‑bedroom units with some two‑bedroom residences
