Duplex with Approved Expansion
For Sale
Contact for pricing
615-617 Truly Ter, Vista, CA 92084
Tenant-occupied duplex with approved plans for a third unit and zoning for an additional ADU.
Property Size2,400 SF
Price / SF$500
Days on Market153
Property Features for 615-617 Truly Ter
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multifamily
Building Details
Year Built
1964
Buildings
1
Units
3
Listing Agency:
eXp Realty of California, Inc.
(858) 212-8134
Listed By:
J.R. St Julien · License #02016233
Source:
Crexi
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 31 at 9:18PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This tenant-occupied duplex contains two permitted units within approximately 2,400 square feet. Approved plans provide for converting an existing structure into an additional 2-bedroom, 1-bath residence of approximately 820 square feet. The property was built in 1964 and offers an established income component alongside a defined expansion plan.
The site is zoned for an additional ADU, creating a potential four-unit configuration beyond the two units currently in place. Located at 615-617 Truly Ter in Vista, the property combines existing residential occupancy with approved plans and additional development capacity.
The site is zoned for an additional ADU, creating a potential four-unit configuration beyond the two units currently in place. Located at 615-617 Truly Ter in Vista, the property combines existing residential occupancy with approved plans and additional development capacity.
Key Highlights
- Two permitted units currently in place
- Approved plans for an approximately 820 SF, 2‑bedroom, 1‑bath third unit
- Zoned for an additional ADU and potential four‑unit configuration
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
$43,001
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
3.58%
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%
$860,020
$860.0K
Cap Rate 7%
$614,300
$614.3K
Cap Rate 9%
$477,789
$477.8K
Market Conditions
NOI Build-Up for 2,400 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
$64.8K $27.00/SF
− Vacancy
−$3.4K −$1.40/SF
EGI
$61.4K $25.60/SF
− OpEx
−$18.4K −$7.68/SF
NOI
$43.0K $17.92/SF
Area
San Diego County, CA
Vacancy
5.20%
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%
$860,020
Cap Rate 7%
$614,300
Cap Rate 9%
$477,789
Alternative Uses
Best Use
Multifamily LT 5
$614.3K
$537.5K – $716.7K
NOI $43,001 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$569.7K
$498.5K – $664.6K
NOI $39,877 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$1.10M
$962.2K – $1.28M
NOI $76,972 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 92084, CA
49,941
Population
15,712
Households
3.2
Avg Household Size
37
Median Age
27%
College-Educated
83%
High-School Grad
28.3 sq mi
ZIP Area
1,765
Density / Sq Mi
$97,410
Median Household Income
$42,000
Median Earnings
$1,936
Median Rent
$745,800
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?
Duplex - Tenant-occupied duplex with approved plans for a third unit and zoning for an additional ADU.
Where is this duplex located?
The property is located at 615-617 Truly Ter Vista, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two permitted units currently in place; Approved plans for an approximately 820 SF, 2‑bedroom, 1‑bath third unit; Zoned for an additional ADU and potential four‑unit configuration
