Eight-Unit Multifamily Value-Add
For Sale
$1,800,000
3141 53 Imperial Ave, San Diego, CA 92113
Eight-unit San Diego multifamily with vacant units and garage infrastructure for ADU conversions.
Property Size3,942 SF
Days on Market72
Property Features for 3141 53 Imperial Ave
General Information
Standard status
Active
Size
3,942 SF
Property subtype
Commercial
Additional Details
Opportunity Zone
Yes
Multifamily Units
8
Building Details
Building Size
3,942 SF
Year Built
1960
Units
8
Tenancy
Multi
Listing Agency:
(858) 729-4646
Listed By:
Gary Weddle
(858) 729-4646
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 12 at 9:57AM
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 Gary Weddle
Investment Insights
Based on property information with market context.
This eight-unit multifamily property at 3141–3143 Imperial Avenue offers a straightforward renovation and repositioning path, with three units delivered vacant for an incoming owner. The site also includes three vacant two-car garages with existing plumbing and electrical infrastructure, each with direct access to a private courtyard, creating an opportunity for ADU conversion. The lot is described as large and well-configured, supporting redevelopment and expanded housing options.
The property benefits from direct frontage along the newly funded Imperial Avenue Bikeway, scheduled for completion in 2026. It is located in an opportunity zone and is immediately adjacent to a San Diego Trolley station, positioning the site for transit-oriented residential development and potential density and incentive utilization under the City of San Diego’s Complete Communities Initiative and California Senate Bill 79, effective July 1. Walk, bike, and transit scores are reported as very walkable (86), very bikeable (71), and good transit access (68).
This asset is best suited for private investors, multifamily developers, and value-add operators looking to implement unit renovations promptly and evaluate additional income through garage-to-ADU conversions. It also offers a redevelopment-ready site configuration, with multiple housing expansion approaches supported by existing onsite infrastructure and delivered vacancy.
The property benefits from direct frontage along the newly funded Imperial Avenue Bikeway, scheduled for completion in 2026. It is located in an opportunity zone and is immediately adjacent to a San Diego Trolley station, positioning the site for transit-oriented residential development and potential density and incentive utilization under the City of San Diego’s Complete Communities Initiative and California Senate Bill 79, effective July 1. Walk, bike, and transit scores are reported as very walkable (86), very bikeable (71), and good transit access (68).
This asset is best suited for private investors, multifamily developers, and value-add operators looking to implement unit renovations promptly and evaluate additional income through garage-to-ADU conversions. It also offers a redevelopment-ready site configuration, with multiple housing expansion approaches supported by existing onsite infrastructure and delivered vacancy.
Key Highlights
- Eight‑unit multifamily property built in 1960 in San Diego, CA
- Three units will be delivered vacant, allowing renovations and repositioning to start immediately after purchase
- Three vacant two‑car garages include existing plumbing and electrical and have direct access to a private courtyard for ADU conversion
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
$65,154
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
3.62%
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%
$1,303,080
$1.3M
Cap Rate 7%
$930,771
$930.8K
Cap Rate 9%
$723,933
$723.9K
Market Conditions
NOI Build-Up for 3,942 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
$125.4K $31.80/SF
− Vacancy
−$6.9K −$1.75/SF
EGI
$118.5K $30.05/SF
− OpEx
−$53.3K −$13.52/SF
NOI
$65.2K $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%
$1,303,080
Cap Rate 7%
$930,771
Cap Rate 9%
$723,933
Alternative Uses
Best Use
Apartment 5plus
$930.8K
$814.4K – $1.09M
NOI $65,154 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.56M
$1.36M – $1.82M
NOI $108,988 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 92113, CA
50,457
Population
14,443
Households
3.5
Avg Household Size
32
Median Age
11%
College-Educated
69%
High-School Grad
4.5 sq mi
ZIP Area
11,213
Density / Sq Mi
$59,177
Median Household Income
$31,099
Median Earnings
$1,608
Median Rent
$559,100
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 - Eight-unit San Diego multifamily with vacant units and garage infrastructure for ADU conversions.
Where is this apartment building located?
The property is located at 3141 53 Imperial Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Eight‑unit multifamily property built in 1960 in San Diego, CA; Three units will be delivered vacant, allowing renovations and repositioning to start immediately after purchase; Three vacant two‑car garages include existing plumbing and electrical and have direct access to a private courtyard for ADU conversion
