4669-73 Felton St · San Diego, CA 92116

$1,595,000

28 bd · 49.0 ba · 2,964 sqft · MultiFamily · 62 Days on market

Built 1952 Fair condition 7,149 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

We are pleased to present Felton St Apartment Homes, a 7-unit multifamily property featuring 5 legal units and 2 nonconforming bonus units, strategically located at 4669–4673 Felton Street in San Diego, California. Unit mix is (4) Studios, (2) 1bed/1bath, & (1) 2bed/1bath. Just steps from the iconic Normal Heights Sign and the vibrant Adams Avenue corridor, the property benefits from immediate access to a dynamic mix of local dining, nightlife, and daily conveniences. This prime location consistently attracts strong tenant demand driven by its central proximity to Downtown San Diego, major employment hubs, and surrounding lifestyle neighborhoods like North Park and Kensington. Th

Key facts

• 5 legal units
• Prime location
• 7,149 sq ft lot

Tags

• 7 UNIT MULTIFAMILY PROPERTY
• 5 LEGAL UNITS
• 2 NONCONFORMING BONUS UNITS
• PRIME LOCATION
• MAJOR EMPLOYMENT HUBS
• STABLE RENTAL MARKETS

Property features AI

Finance

• Other: Property contains 5 total units across 3 buildings; 7 units currently leased; Zoning: RM-1-2
• Financial info: Total building area reported (2,964); Total actual rent $10,495; Gross scheduled/gross income $125,940; Net operating income $76,331; Total expenses $49,609 (includes insurance, water/sewer, trash, taxes); Insurance expense $6,000; Water/Sewer expense $2,148; Trash expense $4,560; New taxes expense $21,256; Rent control applies; Buyer to assume assessments
• HOA & community: Community features: Biking

Exterior

• Parking:
• Security:
• Utilities: Public sewer; Multiple separate gas and electric meters (5 each); Single separate water meter
• Home design: Attached property; Single-story
• Construction: Year built estimated
• Exterior features: No pool; Garden

Interior

• Kitchen:
• Bedrooms: One 2-bedroom unit; Two 1-bedroom units; Two 1-bedroom units inferred from unit counts
• Flooring:
• Bathrooms: Units include one bath each
• Heating & cooling:
• Interior features: Entry at first level; Community laundry
• Laundry & utility: Community laundry

What this means for you Summary

Snapshot

• This is a 7 × 4-bed/7.0-bath units multifamily listed at $1.59M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $6k ($70k/yr) — positive. Per door: $827/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.59M).
• Recommended offer: $1.50M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.0% in San Diego — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.9%/yr); 119 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $21,284/mo this rent would consume 260% of the median local household income ($98k/yr) (locally 2385% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $447k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,499,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 10.65%
• Cash-on-cash: 15.56%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.92% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $87,854
• Equity at exit: $237,820

10-year hold

• IRR: 13.6%
• Equity multiple: 2.03×
• Total profit: $460,912
• Equity at exit: $137,906

Cash invested: $446,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92116

• Rents YoY: 1.9%
• Active inventory: 119
• Price-to-rent: 43.7×

Monthly cashflow live

• Estimated rent: $21,284 medium
• Mortgage (P&I): −$8,364
• Tax est. 1.5%: −$1,994 /mo · $23,925/yr
• Insurance: −$665
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,470
• Net cashflow: $5,792

Break-even live

Break-even rent $13,953

Max offer price $1,595,000

Occupancy floor 68%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	4	7	$21,287
Total (7 units)			$21,284

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $398,750
• Closing costs: $47,850
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,595,000 Active 62 DOM
2. 2026-06-17
   days on market $1,595,000 Active 61 DOM
3. 2026-06-16
   days on market $1,595,000 Active 60 DOM
4. 2026-06-15
   price $1,595,000 Active 59 DOM
5. 2026-06-15
   days on market $1,695,000 Active 59 DOM
6. 2026-06-13
   days on market $1,695,000 Active 57 DOM
7. 2026-06-09
   days on market $1,695,000 Active 53 DOM
8. 2026-06-08
   days on market $1,695,000 Active 52 DOM
9. 2026-06-07
   days on market $1,695,000 Active 51 DOM
10. 2026-06-04
    days on market $1,695,000 Active 48 DOM
11. 2026-06-03
    days on market $1,695,000 Active 47 DOM
12. 2026-06-02
    days on market $1,695,000 Active 46 DOM
13. 2026-06-01
    days on market $1,695,000 Active 45 DOM
14. 2026-05-31
    days on market $1,695,000 Active 44 DOM
15. 2026-04-17
    listed $1,695,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥89°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $255,408
• − Mortgage interest: −$89,345
• − Property taxes: −$23,925
• − Insurance: −$7,975
• − Repairs & maintenance: −$20,433
• − Management: −$20,433
• − Depreciation: −$46,400
• Taxable income: $46,898
• Est. tax owed @ 24.0%: −$11,256
• After-tax cash flow: $58,245/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multifamily property requires moderate rehabilitation to address significant exterior and interior issues, including siding, roof, windows, and driveway. Repairs and updates will significantly enhance its resale and rental value.

Repairs flagged

• Major siding — Severe weathering and peeling
• Major roof — Significant wear and tear
• Major driveway — Large cracks and deterioration
• Major windows — Older, worn-out windows

Value-add opportunities

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both repair and replace windows — New windows improve energy efficiency and appearance
• Both repair and replace roof — A new roof extends the property's lifespan and enhances curb appeal
• Both repair and replace driveway — A new driveway improves curb appeal and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Severe weathering and peeling	Major	$15,000–50,000
roof · Significant wear and tear	Major	$15,000–50,000
driveway · Large cracks and deterioration	Major	$15,000–50,000
windows · Older, worn-out windows	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both repair and replace windows — New windows improve energy efficiency and appearance ↑
• Both repair and replace roof — A new roof extends the property's lifespan and enhances curb appeal ↑
• Both repair and replace driveway — A new driveway improves curb appeal and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

Amenities A+ Commute A+ Cost of living F Crime D+ Employment A+ Housing C+ Health & safety C- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 31,843
• Household income: $98,154
• Rent vs Own: 67.6% rent · 32.4% own
• Severe rent burden: 2385.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 54% Hispanic / Latino 30% Two or more races 17% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 15% · Canada, South Korea, China
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Other Asian/Pacific 1%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -863.79%
• Current HPI: 378.6597
• Rent YoY: ▲ 1.92%
• Metro: San Diego-Chula Vista-Carlsbad, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

1 event — show timeline

• 2026-04-17 Listed $1,695,000 CRMLS