6-Unit Apartment
For Sale
$900,000
8549-51 Winter Gardens Blvd, Lakeside, CA 92040
Townhome-style residences include three-bedroom layouts, with select homes offering private garages and in-unit laundry.
Property Size3,235 SF
Price / SF$278.21
Days on Market15
Property Features for 8549-51 Winter Gardens Blvd
General Information
Standard status
Active
Size
3,235 SF
Property subtype
Multi-Family
Building Details
Year Built
1955
Listing Agency:
CBRE
Listed By:
Michael Robert Greiner michael.greiner@cbre.com
Source:
Findhomesinsandiegoarea
Added: Sep 18
Changed: Oct 1
Last Checked: Oct 1 at 11:39AM
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 CBRE
Investment Insights
Based on property information with market context.
At 8549-51 Winter Gardens Blvd, this apartment property comprises six residences across two contiguous parcels and two buildings. The buildings may be acquired together or as separate triplexes. The property measures 3,235 square feet and was built in 1955. Most homes have three bedrooms, and select units feature two-story layouts, central HVAC, and in-unit laundry. Four private garages are included; systems have been updated and interior units renovated.
The property fronts the Winter Gardens Boulevard corridor, with direct access to Highway 67. It is next to Winter Gardens Elementary School and community parks. Nearby retail includes Albertsons, Grocery Outlet, Walgreens, and Starbucks, while Downtown Lakeside is minutes away.
The property fronts the Winter Gardens Boulevard corridor, with direct access to Highway 67. It is next to Winter Gardens Elementary School and community parks. Nearby retail includes Albertsons, Grocery Outlet, Walgreens, and Starbucks, while Downtown Lakeside is minutes away.
Key Highlights
- Six apartments in two buildings on contiguous parcels; available together or as separate triplexes
- 3,235 square feet; built in 1955
- Most units have three bedrooms, with select two‑story floor plans
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
$57,962
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
6.44%
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%
$1,159,240
$1.2M
Cap Rate 7%
$828,029
$828.0K
Cap Rate 9%
$644,022
$644.0K
Market Conditions
NOI Build-Up for 3,235 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
$87.3K $27.00/SF
− Vacancy
−$4.5K −$1.40/SF
EGI
$82.8K $25.60/SF
− OpEx
−$24.8K −$7.68/SF
NOI
$58.0K $17.92/SF
Area
San Diego County, CA
Vacancy
5.20%
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%
$1,159,240
Cap Rate 7%
$828,029
Cap Rate 9%
$644,022
Alternative Uses
Best Use
Multifamily LT 5
$828.0K
$724.5K – $966.0K
NOI $57,962 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$767.9K
$671.9K – $895.9K
NOI $53,751 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$1.48M
$1.30M – $1.73M
NOI $103,752 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 92040, CA
43,640
Population
16,147
Households
2.7
Avg Household Size
39
Median Age
25%
College-Educated
93%
High-School Grad
67.2 sq mi
ZIP Area
649
Density / Sq Mi
$103,585
Median Household Income
$49,413
Median Earnings
$1,908
Median Rent
$648,800
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?
Apartment building - Townhome-style residences include three-bedroom layouts, with select homes offering private garages and in-unit laundry.
Where is this apartment building located?
The property is located at 8549-51 Winter Gardens Blvd Lakeside, CA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Six apartments in two buildings on contiguous parcels; available together or as separate triplexes; 3,235 square feet; built in 1955; Most units have three bedrooms, with select two‑story floor plans
