Apartment Building with Two-Bedroom
For Sale
$10,800,000
4960-70 Auburn Drive, San Diego, CA 92105
A 45-unit apartment community built in 1986, featuring open floor plans and walk-in closets in master bedrooms.
Property Size31,360 SF
Price / SF$344.39
Days on Market71
Property Features for 4960-70 Auburn Drive
General Information
Standard status
Active
Size
31,360 SF
Property subtype
Commercial Sale / Multi Family
Zoning
R-4
Net Operating Income
$658,513
Additional Details
Multifamily Units
45
Building Details
Year Built
1986
Buildings
5
Listing Agency:
DP Properties
(858) 964-8087
Listed By:
Dave Plutner · License #01273425
(858) 964-8087
Source:
Compass
Added: Jun 15
Changed: Aug 24
Last Checked: Aug 23 at 8:27AM
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 DP Properties
Investment Insights
Based on property information with market context.
Auburn Apartments is a 45-unit apartment community built in 1986. The property includes 44 two-bedroom, one-bath units and one three-bedroom, one-bath unit. Unit layouts feature functional open floor plans, and the master bedrooms include walk-in closets.
The community is located in the Fox Canyon neighborhood within the City Heights area of the San Diego metropolitan market. The surrounding area includes a mix of single-family and multi-family residential, with commercial and other non-residential development concentrated along major arterials, along with smaller pockets of neighborhood commercial.
This income property offers a consistent residential unit mix centered on two-bedroom floor plans, complemented by a single three-bedroom option.
The community is located in the Fox Canyon neighborhood within the City Heights area of the San Diego metropolitan market. The surrounding area includes a mix of single-family and multi-family residential, with commercial and other non-residential development concentrated along major arterials, along with smaller pockets of neighborhood commercial.
This income property offers a consistent residential unit mix centered on two-bedroom floor plans, complemented by a single three-bedroom option.
Key Highlights
- 45‑unit apartment community built in 1986 in San Diego’s Fox Canyon (City Heights area)
- Unit mix: 44 two‑bedroom, one‑bath units plus 1 three‑bedroom, one‑bath unit
- Approx. 690 SF for two‑bedroom 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
$586,777
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
5.43%
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%
$11,735,540
$11.7M
Cap Rate 7%
$8,382,529
$8.4M
Cap Rate 9%
$6,519,744
$6.5M
Market Conditions
NOI Build-Up for 31,360 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
$1.13M $36.00/SF
− Vacancy
−$62.1K −$1.98/SF
EGI
$1.07M $34.02/SF
− OpEx
−$480.1K −$15.31/SF
NOI
$586.8K $18.71/SF
Area
ZIP 92105
Vacancy
5.50%
Lease Rate
$36.00 /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%
$11,735,540
Cap Rate 7%
$8,382,529
Cap Rate 9%
$6,519,744
Alternative Uses
Best Use
Apartment 5plus
$8.38M
$7.33M – $9.78M
NOI $586,777 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.39M
$10.84M – $14.45M
NOI $867,041 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
45
Residential units
Location Intelligence
Trade Area within ½ mile
825
Businesses Nearby
Explore this area
Business Placement
Demographics for 92105, CA
66,579
Population
23,862
Households
2.8
Avg Household Size
34
Median Age
21%
College-Educated
71%
High-School Grad
5.8 sq mi
ZIP Area
11,479
Density / Sq Mi
$65,174
Median Household Income
$34,469
Median Earnings
$1,687
Median Rent
$593,800
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 - A 45-unit apartment community built in 1986, featuring open floor plans and walk-in closets in master bedrooms.
Where is this apartment building located?
The property is located at 4960-70 Auburn Drive San Diego, CA.
What is the asking price?
The asking price for this property is $10,800,000.
What are key features of this property?
This property features: 45‑unit apartment community built in 1986 in San Diego’s Fox Canyon (City Heights area); Unit mix: 44 two‑bedroom, one‑bath units plus 1 three‑bedroom, one‑bath unit; Approx. 690 SF for two‑bedroom units
