San Diego Triplex with New
For Sale
$1,095,000
641 43 Morrison Street San, San Diego, CA 92102
Triplex in Mount Hope with permitted ADU and parking.
Property Size2,006 SF
Days on Market218
Property Features for 641 43 Morrison Street San
General Information
Standard status
Active
Size
2,006 SF
Property subtype
Triplex
Amenities
Electric Oven
Gas Range
Refrigerator
Range Hood
Water Heater
Building Details
Building Size
2,006 SF
Year Built
1946
Stories
1
Listing Agency:
Coldwell Banker Realty
(858) 442-1061
Listed By:
Joe Gold
Source:
Kw
Added: Jan 24
Changed: Aug 27
Last Checked: Aug 29 at 4:54PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This triplex is located in San Diego’s Mount Hope neighborhood. It offers flexibility for occupancy or rental arrangements. The property includes three separate units: a 3-bed/1-bath unit, a 2-bed/1-bath unit, and a newly built studio ADU. There are 5 uncovered off-street parking spaces. The location provides access to nearby shops, local markets, major freeways, Balboa Park, downtown San Diego, and regional employment centers. The central setting supports steady interest from prospective renters. The property may be suitable for owner-occupants, investors, or those seeking additional living space. The fully permitted ADU was built in 2024. All units have new water heaters. The middle unit has a new roof. The bike score is 50, making it bikeable. The walk score is 70, indicating it is somewhat walkable. The transit score is 49, suggesting some transit options are available.
Key Highlights
- Newly built (2024) fully permitted ADU studio provides immediate rental income or flexible living space.
- Triplex configuration offers diverse occupancy options.
- Located in San Diego’s Mount Hope neighborhood with convenient access to shops, markets, freeways, Balboa Park, and downtown.
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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex in Mount Hope with permitted ADU and parking.
Where is this triplex located?
The property is located at 641 43 Morrison Street San 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: Newly built (2024) fully permitted ADU studio provides immediate rental income or flexible living space.; Triplex configuration offers diverse occupancy options.; Located in San Diego’s Mount Hope neighborhood with convenient access to shops, markets, freeways, Balboa Park, and downtown.
