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    1790-1822 Dayton Dr Lemon Grove, CA 91945
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    1790-1822 Dayton Dr Lemon Grove, CA 91945

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    • Apartment buildings
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    Cap Rate Potential
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    Current Use by Public Records

    • Apartment buildings

    Property Details for 1790-1822 Dayton Dr

    Year built
    1995
    Property type
    Apartment buildings

    Description

    This exceptional 24-unit apartment building, known as Limoncello, presents a compelling value-add investment opportunity in the thriving Lemon Grove, California market. Located at 1790-1822 Dayton Dr, 91945, this property boasts a desirable unit mix of fifteen studios (averaging 290 sq ft) and nine one-bedroom/one-bathroom units (averaging 402 sq ft), totaling 7,794 net rentable square feet. Built in 1995 on a 0.52-acre lot, the property underwent renovations in 2014, resulting in updated units featuring hardwood floors, air conditioning, and private patios or balconies. Residents enjoy convenient amenities including ample off-street parking, on-site laundry facilities, a BBQ area, and a common area garden. The property's location offers easy access to Imperial Avenue and major freeways (94 and 805), while public transportation (MTS Trolley and bus services) is conveniently located within 2 miles. With a current asking price of $5,100,000 ($212,500 per unit and $654.35 per square foot), and a 5.47% cap rate, this property offers significant potential for rental income growth and strong returns. The combination of its desirable location, updated units, and value-add potential makes Limoncello an attractive investment for discerning buyers seeking exposure to San Diego County's robust multifamily market. The property's APN is 577-080-23-00.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lemon Grove
    County
    San Diego
    State
    California
    Longitude
    -117.03
    Latitude
    32.7255

    Comparable in this City

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      8090 Lemon Grv Way, Unit 96

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    • Value Estimation
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      7645 Pacific Ave

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    • Value Estimation
      $8,840,000
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      7946 Broadway, Unit 52

      APARTMENT HOUSE (5+ UNITS) • 68,538 SF
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    • Value Estimation
      $1,445,000
      10,858 SF

      8132 Lemon Grv Way, Unit 36

      APARTMENT HOUSE (5+ UNITS) • 10,858 SF
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    • Value Estimation
      $760,000
      4,160 SF

      7455 Pacific Ave, Unit 59

      APARTMENT HOUSE (5+ UNITS) • 4,160 SF
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      View Details
    • Value Estimation by Request
      0.47 Acres

      Washington St

      APARTMENT HOUSE (5+ UNITS) • 0.47 Acres
      Washington St, Lemon Grove, CA 91945
      View Details

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    Similar Nearby for Lease

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    Lemon Grove, CA 91945
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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.

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