Molokai Apartments: Multifamily Investment
For Sale
Contact for pricing
5055 73rd St, San Diego, CA 92115
Garden-style apartments in College East neighborhood with upside potential.
Property Size33,740 SF
Price / SF$377.89
Days on Market152
Property Features for 5055 73rd St
General Information
Standard status
Active
Size
33,740 SF
Total Parking Spaces
40
Property subtype
Multifamily
Building Details
Buildings
1
Stories
2
Units
39
Listing Agency:
South Coast Commercial, Inc.
(619) 226-6011
Listed By:
Gary Kaufman · License #01816761
Source:
Crexi
Added: Mar 15
Changed: Aug 8
Last Checked: Aug 3 at 9:05AM
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.
Molokai Apartments presents a multifamily investment opportunity in San Diego’s College East neighborhood, located at 5055 73rd Street. This garden-style property features a mix of one- and two-bedroom floor plans, ranging from approximately 562 to 1,000 square feet. Many of the one-bedroom units are approximately 750 square feet, and there is an additional non-conforming studio unit. Select units include open-beam vaulted ceilings, floor-to-ceiling windows, and a separate den. Ground floor units have private fenced yards, while upstairs units have balconies. The property is SB721 compliant and has had the electrical sub-panels replaced. The property is positioned near San Diego State University with access to Interstate 8. The property provides in-place cash flow, RUBS implementation recovering over 65% of the monthly utilities, and a path to enhance returns through renovations, amenity upgrades, and operational efficiencies.
Key Highlights
- Located near San Diego State University with immediate access to Interstate 8.
- Opportunity for value‑add through renovations and amenity upgrades.
- In‑place cash flow with RUBS implementation recovering over 65% of monthly utilities.
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
$557,656
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
4.37%
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%
$11,153,120
$11.2M
Cap Rate 7%
$7,966,514
$8.0M
Cap Rate 9%
$6,196,178
$6.2M
Market Conditions
NOI Build-Up for 33,740 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
$1.07M $31.80/SF
− Vacancy
−$59.0K −$1.75/SF
EGI
$1.01M $30.05/SF
− OpEx
−$456.3K −$13.52/SF
NOI
$557.7K $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%
$11,153,120
Cap Rate 7%
$7,966,514
Cap Rate 9%
$6,196,178
Alternative Uses
Best Use
Apartment 5plus
$7.97M
$6.97M – $9.29M
NOI $557,656 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.33M
$11.66M – $15.55M
NOI $932,844 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,610
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 - Garden-style apartments in College East neighborhood with upside potential.
Where is this apartment building located?
The property is located at 5055 73rd St San Diego, CA.
What is the asking price?
The asking price for this property is $12,750,000.
What are key features of this property?
This property features: Located near San Diego State University with immediate access to Interstate 8.; Opportunity for value‑add through renovations and amenity upgrades.; In‑place cash flow with RUBS implementation recovering over 65% of monthly utilities.
