Three-Residence Triplex
For Sale
Contact for pricing
5118-22 Constitution Road, San Diego, CA 92117
San Diego property combines a remodeled three-bedroom home, a 2023-built two-bedroom unit, and a studio residence.
Property Size6,000 SF
Price / SF$349.83
Days on Market48
Property Features for 5118-22 Constitution Road
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multifamily
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR/2BA, 1 x studio
Multifamily Units
3
Amenities
attached garage
in-unit laundry
private deck
private backyard patio
Building Details
Buildings
2
Units
3
Listing Agency:
Gene Bowman Realty
(619) 207-7601
Listed By:
Christian Ballow · License #02046669
Source:
Crexi
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 30 at 4:56PM
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 Gene Bowman Realty
Investment Insights
Based on property information with market context.
This triplex property includes three residences on a 6,000 sq ft San Diego lot. The main home at 5118 Constitution Rd was originally built in 1959 and later expanded and fully remodeled, with three bedrooms, 1.5 baths, an open layout, quartz countertops, wide-plank flooring, designer lighting, an attached garage, landscaped front yard, and private backyard patio.
At 5120 Constitution Rd, the 2-bedroom, 2-bath companion residence was built in 2023. It offers an open living, kitchen, and dining area, mini-split climate control, in-unit laundry, and a private deck set behind mature landscaping. The studio residence at 5122 Constitution Rd has its own private street-facing entrance. Together, the residences provide a multi-unit configuration with distinct living spaces and varied layouts.
At 5120 Constitution Rd, the 2-bedroom, 2-bath companion residence was built in 2023. It offers an open living, kitchen, and dining area, mini-split climate control, in-unit laundry, and a private deck set behind mature landscaping. The studio residence at 5122 Constitution Rd has its own private street-facing entrance. Together, the residences provide a multi-unit configuration with distinct living spaces and varied layouts.
Key Highlights
- Three residences on one 6,000 sq ft San Diego lot
- Main residence includes 3 bedrooms, 1.5 baths, an attached garage, and private backyard patio
- Main home originally built in 1959 and later expanded and fully remodeled
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
$107,481
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
5.12%
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%
$2,149,620
$2.1M
Cap Rate 7%
$1,535,443
$1.5M
Cap Rate 9%
$1,194,233
$1.2M
Market Conditions
NOI Build-Up for 6,000 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
$162.0K $27.00/SF
− Vacancy
−$8.5K −$1.41/SF
EGI
$153.5K $25.59/SF
− OpEx
−$46.1K −$7.68/SF
NOI
$107.5K $17.91/SF
Area
San Diego, CA
Vacancy
5.22%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,149,620
Cap Rate 7%
$1,535,443
Cap Rate 9%
$1,194,233
Alternative Uses
Best Use
Multifamily LT 5
$1.54M
$1.34M – $1.79M
NOI $107,481 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,168 @ 7.0% cap · market cap 4.72%
Theoretical Best
Specialty Retail
$2.37M
$2.07M – $2.76M
NOI $165,888 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Explore this area
Business Placement
Demographics for 92117, CA
51,505
Population
21,706
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
91%
High-School Grad
8.7 sq mi
ZIP Area
5,920
Density / Sq Mi
$105,286
Median Household Income
$58,135
Median Earnings
$2,115
Median Rent
$914,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - San Diego property combines a remodeled three-bedroom home, a 2023-built two-bedroom unit, and a studio residence.
Where is this triplex located?
The property is located at 5118-22 Constitution Road San Diego, CA.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Three residences on one 6,000 sq ft San Diego lot; Main residence includes 3 bedrooms, 1.5 baths, an attached garage, and private backyard patio; Main home originally built in 1959 and later expanded and fully remodeled
