Individually Owned Property summary
AI-generated overview
This exceptional 10-unit apartment building presents a compelling value-add investment opportunity in the highly desirable Carlsbad Village. Boasting a prime location just blocks from shops, restaurants, and the beach, this two-story, 1964-built complex offers significant upside potential. The property features 4,944 square feet of net rentable space situated on a 9,145 square foot lot, with 11 off-street parking spaces. Currently generating a 4.20% cap rate and a NOI of $179,357, a pro-forma analysis projects a 5.60% cap rate and a NOI of $238,034, reflecting a substantial 24% rental upside. Each of the ten units is a single-level, one-bedroom, one-bathroom apartment. Community amenities include a common lounge/BBQ area and an on-site laundry facility. The property is zoned V-B and has an asking price of $4,250,000, or $425,000 per unit. This coastal legacy asset offers low maintenance and high potential for rental income growth in one of San Diego's most sought-after coastal markets. The APN is 204-092-24-00.
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1964
Total area
4,944 SF
Lot
0.21 ac (9,145 SF)
Zoning code
RESTRICTED COMMERCIAL
APN
204-092-24-00
UPID
US09-7737326
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.60M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.60M
Owner & transaction history
since 2025
Last sale
$4.0M
7 recorded transactions
Zoning & alternative use
RESTRICTED COMMERCIAL · Carlsbad, CA
Top alternative use upside
Neighborhood: shopping center
$4.5M
+60.6%
Retail stores
$2.9M
+4.0%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 9 comparables with addresses
4 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$3.60M
Value range
$3.24M – $3.96M
±10% around blend
Estimated value / SF
$728 / SF
Confidence
High
9 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
90
$3.24M
blend $3.60M
$3.96M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,944 SF
Lot area
0.21 ac
Year built
1964
APN
204-092-24-00
Zoning
RESTRICTED COMMERCIAL
Assessed value
$4,233,000
Annual tax
$45,101
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$3.04M
Weighted, 9 comps · high confidence
Evidence
9 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.8 mi away · 6,270 SF
6.3 mi away · 5,021 SF
6.7 mi away · 4,760 SF
15.5 mi away · 4,032 SF
17.3 mi away · 4,267 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$3.60M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 22 sales
$561
+30%
Submarket 25 sales
$529
+38%
County 2072 sales
$315
+131%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $728/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Neighborhood: Shopping Center
Gross theoretical uplift
+61%
vs current-use indication
Retail Stores
Apartment House (5+ Units) · current use
Medical Building
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 9 sales
Market rates by use type
PDF export
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Overview
Implied cap rate
2.70%
Implied, in-place cap rate for this apartment buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
NOI (est.)
$277k *
Last sale · Oct 2024
$3.95M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$10.24M
Move the market yield to see immediate price impact.
Value / SF
$2,071
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
2.20%2.70%3.20%
$249k
$11.31M
$9.22M
$7.78M
$277k
$12.57M
$10.24M
$8.64M
$304k
$13.82M
$11.26M
$9.50M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
9 found
High confidence · county-verified
Closest comparable
$6.01M
2.5 mi · Nov 2025 · $1,322/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$45,101
Tax year 2024
Assessed value
$4,233,000
Assessed 2024
Previous assessed
$4,233,000
+0.0% YoY
Effective rate
1.07%
On assessed value
Assessed land
$3,366,000
Assessed improvement
$867,000
Applied tax rate
9.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1964
Heating
NONE
Units
10
Bathrooms
10
Total area
4,944 SF
Lot
0.21 ac (9,145 SF)
Zoning code
RESTRICTED COMMERCIAL
APN
204-092-24-00
UPID
US09-7737326
Jurisdiction
SAN DIEGO
Zoning & alternative use
RESTRICTED COMMERCIAL · Carlsbad, CAZoning RESTRICTED COMMERCIAL · permitted uses
RESTRICTED COMMERCIAL · Carlsbad, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1964
Heating
NONE
Units
10
Bathrooms
10
Lot
0.21 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
RESTRICTED COMMERCIAL
Jurisdiction
Carlsbad, CA
Recorded code
RESTRICTED COMMERCIAL
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for RESTRICTED COMMERCIAL in Carlsbad, CA.
What opens after registration
Zoning profile
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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