4657 Felton St — Sale in San Diego, CA
- Price: Contact for price
- Listing type: For sale
- Asset type: Multifamily Property
- Location: San Diego, CA 92116
Photos
Investment Figures
- Cap rate
- 5.42%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present 4657 Felton Street, a 9-unit, 5,942-square-foot multifamily community located in the trendy neighborhood of Normal Heights, just steps from Adams Avenue entertainment, in San Diego. Originally constructed in 1969, the property was repositioned in 2018 with an extensive renovation plan to cater to today’s top renters. The offering is priced at $3,150,000 at a 5.42% cap rate. The building consists of nine units across an efficient mix of two 2-bedroom / 1-bathroom units (approximately 825 SF) and seven 1-bedroom / 1-bathroom units (averaging 615 SF). 504This straightforward, highly usable layout caters to a broad urban tenant base and remains consistently attractive to renters in the submarket. Positioned within an up trending established central San Diego infill neighborhood called Normal Heights, the asset benefits from strong, in-place renter demand and convenient proximity to retail, dining, and everyday amenities. Its central location provides seamless access to major employment centers and transit corridors, insulating the asset and supporting high occupancy and durable rental demand. The property offers meaningful mark-to-market upside as a turnkey investment but also has value-add opportunities by providing additional amenities in unit and common areas. Investment Highlights: • 5.42% Cap • Steps From Adams Ave in the Center of Trendy Normal Heights • 9 Off-Street Parking Spaces • Turnkey or Add Value
Market Context
This multifamily in San Diego, CA is listed for sale. It is offered at an approximate 5.4% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in San Diego, CA — view the full market.
As of Q4 2025, the San Diego multifamily market showed a 5.4% vacancy rate, average asking rents near $2456.00/unit/mo, and cap rates around 4.6%. Source: multiple brokerage reports, Q4 2025.
Its 5.4% asking cap rate is above the San Diego multifamily market average of about 4.6%, implying a higher yield (and typically more risk or upside) than comparable assets. Tight vacancy keeps competition for quality space elevated.
Multifamily market FAQ
- What is the typical cap rate for multifamily in San Diego?
- About 4.6% as of Q4 2025, per multiple brokerage reports.
- Is the San Diego multifamily market tightening or softening?
- Vacancy is around 5.4% (Q4 2025).
Contact
- Raymond Choi · (858) 373-3136 · raymond.choi@marcusmillichap.com
- Chad O'Connor · (858) 373-3146 · chad.oconnor@marcusmillichap.com
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