Triplex with 2024
For Sale
$1,095,000
641 43 Morrison St, San Diego, CA 92102
Triplex with three separate units plus a fully permitted 2024 studio ADU and five uncovered off-street parking spaces.
Property Size2,006 SF
Days on Market71
Property Features for 641 43 Morrison St
General Information
Standard status
Active
Size
2,006 SF
Property subtype
Investment
Building Details
Building Size
2,006 SF
Year Built
1946
Units
3
Listing Agency:
(858) 442-1061
Listed By:
Joe Gold
(858) 442-1061
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 11 at 8:27AM
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 Joe Gold
Investment Insights
Based on property information with market context.
This triplex offers three separate units configured for a range of occupancy or rental arrangements. The property includes a spacious 3-bedroom, 1-bath unit, a 2-bedroom, 1-bath unit, and a newly built, fully permitted studio ADU constructed in 2024. Several recent improvements are noted, including new water heaters for all units and a new roof for the middle unit.
The property is located in San Diego’s Mount Hope neighborhood, with convenient access to nearby shops, local markets, major freeways, Balboa Park, downtown San Diego, and regional employment centers.
On-site parking consists of five uncovered off-street spaces, supporting day-to-day convenience for occupants and guests.
The property is located in San Diego’s Mount Hope neighborhood, with convenient access to nearby shops, local markets, major freeways, Balboa Park, downtown San Diego, and regional employment centers.
On-site parking consists of five uncovered off-street spaces, supporting day-to-day convenience for occupants and guests.
Key Highlights
- Triplex with three separate units: 3 bed/1 bath, 2 bed/1 bath, and a studio ADU
- Fully permitted studio ADU built in 2024
- Five uncovered off‑street parking spaces for tenants or occupants
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
$35,934
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
3.28%
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%
$718,680
$718.7K
Cap Rate 7%
$513,343
$513.3K
Cap Rate 9%
$399,267
$399.3K
Market Conditions
NOI Build-Up for 2,006 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
$54.2K $27.00/SF
− Vacancy
−$2.8K −$1.41/SF
EGI
$51.3K $25.59/SF
− OpEx
−$15.4K −$7.68/SF
NOI
$35.9K $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%
$718,680
Cap Rate 7%
$513,343
Cap Rate 9%
$399,267
Alternative Uses
Best Use
Multifamily LT 5
$513.3K
$449.2K – $598.9K
NOI $35,934 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$473.6K
$414.4K – $552.6K
NOI $33,155 @ 7.0% cap · market cap 3.03%
Theoretical Best
Specialty Retail
$792.3K
$693.3K – $924.4K
NOI $55,462 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
Explore this area
Business Placement
Demographics for 92102, CA
39,783
Population
15,622
Households
2.5
Avg Household Size
34
Median Age
29%
College-Educated
80%
High-School Grad
4.5 sq mi
ZIP Area
8,841
Density / Sq Mi
$71,319
Median Household Income
$40,142
Median Earnings
$1,855
Median Rent
$646,600
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 - Triplex with three separate units plus a fully permitted 2024 studio ADU and five uncovered off-street parking spaces.
Where is this triplex located?
The property is located at 641 43 Morrison St San Diego, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Triplex with three separate units: 3 bed/1 bath, 2 bed/1 bath, and a studio ADU; Fully permitted studio ADU built in 2024; Five uncovered off‑street parking spaces for tenants or occupants
