1541 8th Ave · San Diego, CA 92101

$5,550,000

100 bd · 600.0 ba · 1,640 sqft · MultiFamily public records · 40 Days on market

Built 2000

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Appreciation +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

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

pleased to present 1451 8th Avenue, a 25-unit apartment community located in the highly desirable Cortez Hill neighborhood of Downtown San Diego. Originally constructed in 1914, the property consists of a unique mix of studio units, one-bedroom apartments, and a penthouse/commercial unit, offering investors a rare opportunity to acquire a character-rich asset in one of Downtown San Diego’s most established residential enclaves. The property also features a shared laundry facility and a substantial basement-level storage area, providing added convenience for tenants and potential operational upside for ownership. Additionally, the offering includes attractive assumable financing, with

Key facts

• Balboa park nearby
• Listed 40 days

Tags

• CORTEZ HILL NEIGHBORHOOD
• SHARED LAUNDRY FACILITY
• BASEMENT LEVEL STORAGE AREA
• BALBOA PARK NEARBY

Property features AI

Finance

• Other: Listed by San Diego Association of REALTORS

Exterior

• Utilities: Lot size reported in acres
• Home design: Residential income property (Com-Res Income)
• Construction: 11,400 total building area

Interior

• Bathrooms: 24 full bathrooms
• Interior features: 24 full bathrooms

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $5.55M.

Deal economics

• At list price, monthly cash flow is $-32k ($-389k/yr) — negative. Per door: $-16k/mo.
• To cash-flow at today's rent, offer at most $685k (87.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $600k (89.2% below list).
• Recommended offer: $600k (89.2% below list) — sets the bar for 1% rule.
• Cap rate -0.7% vs local median 2.0% in San Diego — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: Washington Elementary (257 students, 69% FRL); Roosevelt International Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 761 students, 59% FRL); San Diego High (2,105 students, 62% FRL).
• Market conditions: Rents flat; 520 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 $5,995/mo this rent would consume 79% of the median local household income ($92k/yr) (locally 5603% 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 (-1.8%/yr); year-one equity from $38k of loan paydown is wiped out by about $101k 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.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($5.38M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $1.75M; list at $5.55M implies a 217% gain — meaningful room to come down on a strong offer.

Recommended offer $599,500 (89.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 89% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.11% ✗
• Cap rate: -0.71%
• Cash-on-cash: -25.01%
• DSCR: -0.11
• GRM: 77.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.82% appreciation · 0.35% rent growth · sell at horizon

5-year hold

• IRR: -49.6%
• Equity multiple: -0.74×
• Total profit: $-2,698,274
• Equity at exit: $1,125,738

10-year hold

• IRR: -55.9%
• Equity multiple: -2.10×
• Total profit: $-4,816,969
• Equity at exit: $1,008,060

Cash invested: $1,554,000 (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 92101

• Home prices YoY: -0.8%
• Rents YoY: 0.3%
• Active inventory: 520
• Price-to-rent: 154.3×

Monthly cashflow live

• Estimated rent: $5,995 high
• Mortgage (P&I): −$29,105
• Tax from tax record: −$5,710 /mo · $68,521/yr
• Insurance: −$2,312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,259
• Net cashflow: $-32,391

Break-even live

Break-even rent $46,997

Max offer price $685,314

Occupancy floor —

Sensitivity live

Price	-10% $-29,250	-5% $-30,820	+0% $-32,391	+5% $-33,962	+10% $-35,533
Rent	-10% $-32,865	-5% $-32,628	+0% $-32,391	+5% $-32,155	+10% $-31,918
Rate	-1.0pp $-29,596	-0.5pp $-30,980	base $-32,391	+0.5pp $-33,829	+1.0pp $-35,293

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$5,996
Total (2 units)			$5,995

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: $1,387,500
• Closing costs: $166,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $5,550,000 Active 40 DOM
2. 2026-06-18
   days on market $5,550,000 Active 37 DOM
3. 2026-06-17
   days on market $5,550,000 Active 36 DOM
4. 2026-06-16
   days on market $5,550,000 Active 35 DOM
5. 2026-06-15
   days on market $5,550,000 Active 34 DOM
6. 2026-06-13
   days on market $5,550,000 Active 32 DOM
7. 2026-06-09
   days on market $5,550,000 Active 28 DOM
8. 2026-06-08
   days on market $5,550,000 Active 27 DOM
9. 2026-06-07
   days on market $5,550,000 Active 26 DOM
10. 2026-06-04
    pricedays on market $5,550,000 Active 23 DOM
11. 2026-06-03
    days on market $5,600,000 Active 22 DOM
12. 2026-06-02
    days on market $5,600,000 Active 21 DOM
13. 2026-06-01
    days on market $5,600,000 Active 20 DOM
14. 2026-05-31
    days on market $5,600,000 Active 19 DOM
15. 2026-05-21
    price $5,600,000
16. 2026-05-12
    listed $5,950,000 Active
17. 2009-11-19
    soldstatus $1,750,000

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $68,521 · $5,710/mo
• Projected year-2 tax: $68,521 · $5,710/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $71,940
• − Mortgage interest: −$310,886
• − Property taxes: −$68,521
• − Insurance: −$27,750
• − Repairs & maintenance: −$5,755
• − Management: −$5,755
• − Depreciation: −$161,455
• Taxable loss: −$508,182
• Est. tax savings @ 24.0%: +$121,964
• After-tax cash flow: $-266,732/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.

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): 51,805
• Household income: $91,566
• Rent vs Own: 77.4% rent · 22.6% own
• Severe rent burden: 5603.0

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 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 24% Two or more races 12% Asian 10% Black 8%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Romanian 3% Lithuanian 2% Italian 2%
• Foreign-born: 19% · Canada, China, Vietnam
• Languages at home: 74% English-only · Spanish 15% Other Indo-European 3% 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: ▼ -1.82%
• Current HPI: 224.0762
• Rent YoY: ▲ 0.35%
• 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

+220.0% since first listed

3 events — show timeline

• 2026-05-21 Price Changed $5,600,000 SDMLS
• 2026-05-12 Listed $5,950,000 SDMLS
• 2009-11-19 Sold (Public Records) $1,750,000 Public Records

Property tax history

+17.4%/yr

Latest (2025): $68,521 · +135.5% YoY. Source: county tax records.