Seven-Unit Apartment
New
For Sale
$1,750,000
7163 69 Central Ave, Lemon Grove, CA 91945
Apartment community with varied layouts, parking, private outdoor areas, and select garage access with laundry hookups.
Property Size6,316 SF
Lot Size0.46 Acres
Days on Market1
Property Features for 7163 69 Central Ave
General Information
Standard status
Active
Size
6,316 SF
Total Parking Spaces
14
Lot size
0.46 Acres
Property subtype
Investment
Financials
Asking Price
$1,750,000
Gross Income
$146,064
Building Details
Building Size
6,316 SF
Year Built
1988
Units
7
Tenancy
Multi
Listing Agency:
Lee & Associates
Listed By:
Eric von Bluecher · License #01926201
(760) 929-7846
Source:
Elliman
Added: Sep 15
Last Checked: Sep 15 at 2:43PM
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 Lee & Associates
Investment Insights
Based on property information with market context.
This 7-unit apartment property was built in 1988 on a 19,979-square-foot lot. The unit mix includes a three-bedroom, 2.5-bath front house and six two-bedroom residences, two of which are townhomes. Two two-bedroom units connect directly to garages with washer/dryer hookups. Additional features include 14 parking spaces, select private yards and balconies, and separate SDG&E meters. Completed property improvements include plumbing, roofing, decking, stairways, and HVAC work.
The property is in Lemon Grove with access to State Routes 94 and 125. Shopping, restaurants, La Mesa, Spring Valley, and Downtown San Diego are identified in the surrounding area. Walkability and transit scores are 49 and 32, respectively, while the bike score is 18.
The property is in Lemon Grove with access to State Routes 94 and 125. Shopping, restaurants, La Mesa, Spring Valley, and Downtown San Diego are identified in the surrounding area. Walkability and transit scores are 49 and 32, respectively, while the bike score is 18.
Key Highlights
- 7‑unit apartment property with one 3‑bedroom, 2.5‑bath house and six 2‑bedroom units
- Built in 1988 on a 19,979‑square‑foot lot
- Two townhomes included within the 2‑bedroom unit mix
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
$104,943
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
6.00%
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%
$2,098,860
$2.1M
Cap Rate 7%
$1,499,186
$1.5M
Cap Rate 9%
$1,166,033
$1.2M
Market Conditions
NOI Build-Up for 6,316 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
$200.8K $31.80/SF
− Vacancy
−$10.0K −$1.59/SF
EGI
$190.8K $30.21/SF
− OpEx
−$85.9K −$13.59/SF
NOI
$104.9K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
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%
$2,098,860
Cap Rate 7%
$1,499,186
Cap Rate 9%
$1,166,033
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.75M
NOI $104,943 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.38M
NOI $202,565 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,074
Businesses Nearby
Explore this area
Business Placement
Demographics for 91945, CA
27,814
Population
9,715
Households
2.9
Avg Household Size
38
Median Age
20%
College-Educated
89%
High-School Grad
4.0 sq mi
ZIP Area
6,954
Density / Sq Mi
$79,381
Median Household Income
$41,727
Median Earnings
$1,769
Median Rent
$640,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment community with varied layouts, parking, private outdoor areas, and select garage access with laundry hookups.
Where is this apartment building located?
The property is located at 7163 69 Central Ave Lemon Grove, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7‑unit apartment property with one 3‑bedroom, 2.5‑bath house and six 2‑bedroom units; Built in 1988 on a 19,979‑square‑foot lot; Two townhomes included within the 2‑bedroom unit mix
