Well-Maintained Apartment
For Sale
Contact for pricing
9659-69 Marilla Dr, Lakeside, CA 92040
18-unit multifamily property with updated roof, plumbing, and asphalt improvements, plus parking and on-site storage.
Property Size12,206 SF
Price / SF$421.92
Days on Market55
Property Features for 9659-69 Marilla Dr
General Information
Standard status
Active
Size
12,206 SF
Property subtype
Multifamily
Building Details
Buildings
2
Stories
2
Units
18
Listing Agency:
CBRE - San Diego
(858) 546-2645
Listed By:
Nate Pepper · License #CA 01993739
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 11 at 1:58PM
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 - San Diego
Investment Insights
Based on property information with market context.
Marilla Crest Apartments is an 18-unit multifamily property built in 1989, featuring a unit mix of four two-bedroom, one-bath homes and fourteen two-bedroom, two-bath homes. The property sits on an approximately 28,700-square-foot lot and includes 27 parking spaces and seven on-site storage units.
The address is 9659-69 Marilla Dr in Lakeside, within San Diego County’s East County rental market. As positioned, the property offers resident parking and dedicated storage to support everyday tenant needs.
This offering is suited for buyers seeking a residential income asset with substantial capital improvements already completed. Documented upgrades include full roof replacements with long-term warranties, complete plumbing re-piping with PEX, upgraded seismic gas valves, new exterior paint, fascia board replacement, and asphalt improvements throughout the property. With these items addressed, the building is presented as a well-maintained option intended to reduce deferred maintenance and limit near-term capital expenditure requirements.
The address is 9659-69 Marilla Dr in Lakeside, within San Diego County’s East County rental market. As positioned, the property offers resident parking and dedicated storage to support everyday tenant needs.
This offering is suited for buyers seeking a residential income asset with substantial capital improvements already completed. Documented upgrades include full roof replacements with long-term warranties, complete plumbing re-piping with PEX, upgraded seismic gas valves, new exterior paint, fascia board replacement, and asphalt improvements throughout the property. With these items addressed, the building is presented as a well-maintained option intended to reduce deferred maintenance and limit near-term capital expenditure requirements.
Key Highlights
- Marilla Crest Apartments: 18‑unit multifamily built in 1989 in San Diego County’s Lakeside submarket
- Unit mix includes four 2 bed/1 bath units and fourteen 2 bed/2 bath units
- 27 parking spaces plus seven on‑site storage units
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
$202,809
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
3.94%
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%
$4,056,180
$4.1M
Cap Rate 7%
$2,897,271
$2.9M
Cap Rate 9%
$2,253,433
$2.3M
Market Conditions
NOI Build-Up for 12,206 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
$388.2K $31.80/SF
− Vacancy
−$19.4K −$1.59/SF
EGI
$368.7K $30.21/SF
− OpEx
−$165.9K −$13.59/SF
NOI
$202.8K $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%
$4,056,180
Cap Rate 7%
$2,897,271
Cap Rate 9%
$2,253,433
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.54M – $3.38M
NOI $202,809 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.59M
$4.89M – $6.52M
NOI $391,467 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
537
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 - 18-unit multifamily property with updated roof, plumbing, and asphalt improvements, plus parking and on-site storage.
Where is this apartment building located?
The property is located at 9659-69 Marilla Dr Lakeside, CA.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: Marilla Crest Apartments: 18‑unit multifamily built in 1989 in San Diego County’s Lakeside submarket; Unit mix includes four 2 bed/1 bath units and fourteen 2 bed/2 bath units; 27 parking spaces plus seven on‑site storage units
