Updated Mid-Century
For Sale
$1,997,000
705-11 W Pennsylvania Ave, San Diego, CA 92103
Hardwood floors and original two-tone tile details complement improvements to the building’s electrical, windows, and cooling.
Property Size3,492 SF
Price / SF$571.88
Days on Market9
Property Features for 705-11 W Pennsylvania Ave
General Information
Standard status
Active
Size
3,492 SF
Property subtype
Multi-Family
Building Details
Year Built
1949
Listing Agency:
Vallera Investment Properties
Listed By:
Robert V Vallera Jr. rvallera@voitco.com
Source:
Viewsandiegohouses
Added: Sep 24
Changed: Oct 1
Last Checked: Oct 1 at 11:56AM
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 Vallera Investment Properties
Investment Insights
Based on property information with market context.
This 3,492-square-foot fourplex, built in 1949, contains four two-bedroom units. Mid-Century details include hardwood floors and original two-tone tile kitchen counters. Improvements include an updated main electrical panel, mini-split air-conditioning units, dual-pane windows, and recent exterior painting. A two-car garage is also part of the property and has been used for owner storage.
The building occupies the southwest corner of Eagle Street and West Pennsylvania Avenue, among properties described as primarily single-family homes. It is south of the Mission Hills neighborhood retail district. The owner estimates rental upside at approximately 22%, including potential rental use of the garage.
The building occupies the southwest corner of Eagle Street and West Pennsylvania Avenue, among properties described as primarily single-family homes. It is south of the Mission Hills neighborhood retail district. The owner estimates rental upside at approximately 22%, including potential rental use of the garage.
Key Highlights
- Four two‑bedroom units in a 3,492‑square‑foot building
- Built in 1949 with hardwood floors and original two‑tone tile kitchen counters
- Updated main electrical panel, mini‑split air‑conditioning units, dual‑pane windows, and recent exterior painting
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
$62,554
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
3.13%
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%
$1,251,080
$1.3M
Cap Rate 7%
$893,629
$893.6K
Cap Rate 9%
$695,044
$695.0K
Market Conditions
NOI Build-Up for 3,492 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
$94.3K $27.00/SF
− Vacancy
−$4.9K −$1.41/SF
EGI
$89.4K $25.59/SF
− OpEx
−$26.8K −$7.68/SF
NOI
$62.6K $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%
$1,251,080
Cap Rate 7%
$893,629
Cap Rate 9%
$695,044
Alternative Uses
Best Use
Multifamily LT 5
$893.6K
$781.9K – $1.04M
NOI $62,554 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$824.5K
$721.5K – $961.9K
NOI $57,716 @ 7.0% cap · market cap 2.89%
Theoretical Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,547 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,023
Businesses Nearby
Explore this area
Business Placement
Demographics for 92103, CA
33,311
Population
21,363
Households
1.6
Avg Household Size
42
Median Age
63%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,003
Density / Sq Mi
$96,887
Median Household Income
$69,732
Median Earnings
$2,020
Median Rent
$986,800
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?
Quadplex - Hardwood floors and original two-tone tile details complement improvements to the building’s electrical, windows, and cooling.
Where is this quadplex located?
The property is located at 705-11 W Pennsylvania Ave San Diego, CA.
What is the asking price?
The asking price for this property is $1,997,000.
What are key features of this property?
This property features: Four two‑bedroom units in a 3,492‑square‑foot building; Built in 1949 with hardwood floors and original two‑tone tile kitchen counters; Updated main electrical panel, mini‑split air‑conditioning units, dual‑pane windows, and recent exterior painting
