Corner Apartment Building with Underground
For Sale
Contact for pricing
Pending
635-41 C St, San Diego, CA 92101
Corner downtown apartment building with 45 underground parking spaces and 36 residential units.
Property Size50,000 SF
Days on Market143
Property Features for 635-41 C St
General Information
Standard status
Pending
Size
50,000 SF
Total Parking Spaces
45
Property subtype
Retail, Multifamily, Mixed Use
Zoning
Commercial
Investment Type
Redevelopment
Additional Details
Multifamily Units
36
Building Details
Year Built
1920
Year Renovated
1996
Buildings
1
Stories
5
Units
39
Tenancy
Multi
Listing Agency:
Urban Property Group, Inc.
Listed By:
Bill Shrader · License #CA 01033317
(858) 874-1989
Source:
Crexi
Added: Apr 16
Changed: Aug 15
Last Checked: Aug 14 at 12:59PM
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 Urban Property Group, Inc.
Investment Insights
Based on property information with market context.
Centrally located Downtown, this corner apartment building offers 36 residential units with 45 underground parking spaces. The property is described as having historically high occupancy, with vacancies filling quickly. According to the provided information, 27 of the 36 units are subject to an income restriction up to 120% of median income on household size, and all leases are below market.
The building is located at 7th & C on the San Diego Trolley line, with the remarks citing over 30M annual passengers. The information also notes it is within walking distance of Gaslamp, Campus at Horton, City Offices, City College, and the new UCSD Downtown Campus.
As presented, this is a multifamily asset in the Downtown core with repositioning opportunity tied to lease position and the noted below-market terms.
The building is located at 7th & C on the San Diego Trolley line, with the remarks citing over 30M annual passengers. The information also notes it is within walking distance of Gaslamp, Campus at Horton, City Offices, City College, and the new UCSD Downtown Campus.
As presented, this is a multifamily asset in the Downtown core with repositioning opportunity tied to lease position and the noted below-market terms.
Key Highlights
- Corner downtown apartment building built in 1920 on 7th & C
- 36 residential units with 27 units subject to an income restriction up to 120% of median income
- On‑site parking includes 45 underground parking spaces
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
$826,403
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
7.03%
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%
$16,528,060
$16.5M
Cap Rate 7%
$11,805,757
$11.8M
Cap Rate 9%
$9,182,256
$9.2M
Market Conditions
NOI Build-Up for 50,000 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
$1.59M $31.80/SF
− Vacancy
−$87.5K −$1.75/SF
EGI
$1.50M $30.05/SF
− OpEx
−$676.1K −$13.52/SF
NOI
$826.4K $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%
$16,528,060
Cap Rate 7%
$11,805,757
Cap Rate 9%
$9,182,256
Alternative Uses
Best Use
Retail
$17.24M
$15.09M – $20.12M
NOI $1,206,954 @ 7.0% cap · market cap 10.27%
Second Best
Apartment 5plus
$11.81M
$10.33M – $13.77M
NOI $826,403 @ 7.0% cap · market cap 7.03%
Theoretical Best
Specialty Retail
$19.75M
$17.28M – $23.04M
NOI $1,382,400 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
13,093
Businesses Nearby
Explore this area
Business Placement
Demographics for 92101, CA
47,505
Population
32,909
Households
1.4
Avg Household Size
39
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
8,797
Density / Sq Mi
$90,477
Median Household Income
$72,371
Median Earnings
$2,351
Median Rent
$740,500
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 - Corner downtown apartment building with 45 underground parking spaces and 36 residential units.
Where is this apartment building located?
The property is located at 635-41 C St San Diego, CA.
What is the asking price?
The asking price for this property is $11,750,000.
What are key features of this property?
This property features: Corner downtown apartment building built in 1920 on 7th & C; 36 residential units with 27 units subject to an income restriction up to 120% of median income; On‑site parking includes 45 underground parking spaces
