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    Property profile & analytics

    4118 Iowa St, Unit 24 San Diego, CA 92104-1904

    • Apartment buildings
    • 3,116 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Jan 17, 2025
    $1,862,500
    Value Estimations
    $2,535,000
    Show details
    Cap Rate Potential
    2%
    Apartment buildings
    Location Intelligence
    Property ID
    US09-8915595
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 4118 Iowa St

    Year built
    1945
    Lot size
    0.16 lot acres
    Property size
    3,116 SF
    Zone code
    R-3:RESTRICTED MULTIPLE
    Property type
    Apartment buildings
    APN
    446-322-19-00
    APU
    4463221900

    Description

    This exceptional 6-unit apartment building, located in San Diego's desirable North Park neighborhood (zip code 92104), presents a compelling investment opportunity. Built in 1945, this fee-simple property boasts 3,140 square feet of net rentable space situated on a 0.16-acre lot. The property features a mix of unit types: one two-bedroom/one-bathroom cottage and five one-bedroom/one-bathroom units. Recent improvements include new roofs on all units and a complete renovation of the two-bedroom cottage, featuring new windows, electrical systems, kitchen, and bathroom. Additional amenities include gated access, laundry hookups in select units, ample yard space, and five attached single-car garages, offering potential for ADU conversion. The property benefits from a 100% occupancy rate, generating a current NOI of $14,959 and a pro-forma NOI of $128,811, reflecting a pro-forma cap rate of 5.99%. Its prime location, just blocks from University Avenue, El Cajon Boulevard, and 30th Street, provides easy access to shops, restaurants, and entertainment. The property's R3 zoning and upgraded 600-amp electrical systems further enhance its value. The asking price is $2,150,000, representing $358,333 per unit and $684.71 per square foot. This value-add property offers significant upside potential through further renovations and rent increases in a market experiencing strong rent growth and appreciation.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,535,000
      ML approach
      $2,430,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.127
    Latitude
    32.7527
    CBSA code
    41740
    CBSA name
    SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $7,308
    $263,686
    $316,425
    $580,111
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $270,000
      0.16 Acres

      4359 Alabama St

      APARTMENT HOUSE (5+ UNITS) • 0.16 Acres
      4359 Alabama St, San Diego, CA 92104-1067
      View Details
    • Value Estimation
      $280,000
      0.70 Acres

      3760 Texas St

      APARTMENT HOUSE (5+ UNITS) • 0.70 Acres
      3760 Texas St, San Diego, CA 92104-3347
      View Details
    • Value Estimation
      $250,000
      6,011 SF

      4053 Idaho St

      APARTMENT HOUSE (5+ UNITS) • 6,011 SF
      4053 Idaho St, San Diego, CA 92104-2565
      View Details
    • Value Estimation
      $330,000
      10,753 SF

      3928 Illinois St

      APARTMENT HOUSE (5+ UNITS) • 10,753 SF
      3928 Illinois St, San Diego, CA 92104-3058
      View Details
    • Value Estimation
      $275,000
      6,738 SF

      4160 Illinois St

      APARTMENT HOUSE (5+ UNITS) • 6,738 SF
      4160 Illinois St, San Diego, CA 92104-1980
      View Details
    • Value Estimation
      $165,000
      5,378 SF

      3727 Bancroft St

      APARTMENT HOUSE (5+ UNITS) • 5,378 SF
      3727 Bancroft St, San Diego, CA 92104-7705
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $2,095 /Mo
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      Remodeled North Park Apartment

      Recently remodeled 1BR apartment in North Park with in-unit laundry.
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      Retail Space with High Ceilings

      Retail space featuring 12' ceilings and potential outdoor area.
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    • $2 SF/Yr
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      North Park Retail/Office Space

      Prime retail/office space in a sought-after San Diego neighborhood.
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      4,140 SF

      El Cajon Blvd Creative Office Space

      Prime San Diego North Park location, retail/office/tasting room.
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      1 SF

      Prime San Diego Retail Space

      Bank Kiosk Space Available, 15 SF
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      Retail Space on University Avenue

      Retail space available for lease on University Avenue.
      3628-3636 University Ave, San Diego, CA 92104
      View Details
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    San Diego, CA 92104-1904
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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