2164 2nd Ave · San Diego, CA 92101

$4,500,000

108 bd · 6.0 ba · 6,080 sqft · MultiFamily public records · 47 Days on market

Built 2020

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Why this score? — see what drove the C 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 +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.5/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 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

pleased to present 2164 Second Avenue, a 16-unit multifamily property ideally located in the highly sought-after Bankers Hill neighborhood of San Diego, California. Built in 1920, the property offers an attractive unit mix consisting of fourteen (14) studio/1-bath units and two (2) one-bedroom/one-bath units, catering to a wide range of tenants seeking quality housing near San Diego’s vibrant urban core. Situated just steps from Balboa Park, and minutes from Downtown San Diego, Little Italy, and the waterfront, 2164 Second Avenue benefits from exceptional accessibility to major employment centers, cultural landmarks, and everyday conveniences. Its central location and walkable surroun

Key facts

• Value add potential
• Modern upgrades
• Cultural landmarks

Tags

• 16 UNIT MULTIFAMILY PROPERTY
• STEPS FROM BALBOA PARK
• CULTURAL LANDMARKS
• WALKABLE SURROUNDINGS
• VALUE ADD POTENTIAL
• MODERN UPGRADES

Property features AI

Finance

• Other: Listing broker: Conor Brennan, Broker

Exterior

• Utilities: Lot size reported in acres
• Home design: Residential income property (commercial-residential income subtype)
• Construction: Approximately 6,625 total building area

Interior

• Bathrooms: Sixteen full bathrooms
• Interior features: 16 full bathrooms

What this means for you Summary

Snapshot

• This is a 16 × 1-bed/1-bath units multifamily listed at $4.50M.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $410/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $4.29M (4.8% below list).
• Recommended offer: $4.29M (4.8% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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 flat; 515 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 $42,852/mo this rent would consume 562% 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 $31k of loan paydown is wiped out by about $82k 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 47 days — a 3% lower offer ($4.37M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.50M; list at $4.50M implies a 199% gain — meaningful room to come down on a strong offer.

Recommended offer $4,285,200 (4.8% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 8.04%
• Cash-on-cash: 6.24%
• DSCR: 1.28
• GRM: 8.8

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: -3.9%
• Equity multiple: 0.84×
• Total profit: $-197,416
• Equity at exit: $912,760

10-year hold

• IRR: 1.3%
• Equity multiple: 1.10×
• Total profit: $130,307
• Equity at exit: $817,346

Cash invested: $1,260,000 (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: 515
• Price-to-rent: 140.0×

Monthly cashflow live

• Estimated rent: $42,852 high
• Mortgage (P&I): −$23,598
• Tax from tax record: −$1,825 /mo · $21,895/yr
• Insurance: −$1,875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,999
• Net cashflow: $6,555

Break-even live

Break-even rent $34,555

Max offer price $4,500,000

Occupancy floor 80%

Sensitivity live

Price	-10% $9,102	-5% $7,829	+0% $6,555	+5% $5,281	+10% $4,008
Rent	-10% $3,170	-5% $4,862	+0% $6,555	+5% $8,248	+10% $9,940
Rate	-1.0pp $8,821	-0.5pp $7,700	base $6,555	+0.5pp $5,389	+1.0pp $4,203

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

Units	Beds	Baths	Est. rent
▸ 16× units	1	1	$42,848
Total (16 units)			$42,852

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: $1,125,000
• Closing costs: $135,000
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $4,500,000 Active 47 DOM
2. 2026-06-17
   days on market $4,500,000 Active 46 DOM
3. 2026-06-16
   days on market $4,500,000 Active 45 DOM
4. 2026-06-15
   days on market $4,500,000 Active 44 DOM
5. 2026-06-13
   days on market $4,500,000 Active 42 DOM
6. 2026-06-09
   days on market $4,500,000 Active 38 DOM
7. 2026-06-08
   days on market $4,500,000 Active 37 DOM
8. 2026-06-07
   days on market $4,500,000 Active 36 DOM
9. 2026-06-04
   days on market $4,500,000 Active 33 DOM
10. 2026-06-03
    days on market $4,500,000 Active 32 DOM
11. 2026-06-02
    days on market $4,500,000 Active 31 DOM
12. 2026-06-01
    days on market $4,500,000 Active 30 DOM
13. 2026-05-31
    days on market $4,500,000 Active 29 DOM
14. 2026-05-02
    listed $4,500,000 Active
15. 2026-03-26
    historical
16. 2025-10-23
    listed $4,500,000 Active
17. 2024-05-16
    historical $1,595
18. 2024-05-11
    listed $1,595
19. 2024-03-14
    historical $1,695
20. 2024-01-12
    price $1,695
21. 2023-12-24
    listed $1,795
22. 2022-11-17
    historical
23. 2004-10-27
    soldstatus $1,505,000
24. 1979-11-09
    soldstatus $99,000

ⓘ 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: $21,895 · $1,825/mo
• Projected year-2 tax: $34,200 · $2,850/mo
• Expected delta: +$12,305/yr (+$1,025/mo · 56.2%)

ⓘ 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: $514,224
• − Mortgage interest: −$252,070
• − Property taxes: −$21,895
• − Insurance: −$22,500
• − Repairs & maintenance: −$41,138
• − Management: −$41,138
• − Depreciation: −$130,909
• Taxable income: $4,574
• Est. tax owed @ 24.0%: −$1,098
• After-tax cash flow: $77,562/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

+4445.5% since first listed

11 events — show timeline

• 2026-05-02 Listed $4,500,000 SDMLS
• 2026-03-26 Listing Removed — SDMLS
• 2025-10-23 Listed $4,500,000 SDMLS
• 2024-05-16 Rental Removed $1,595 APPFOLIO
• 2024-05-11 Listed for Rent $1,595 APPFOLIO
• 2024-03-14 Rental Removed $1,695 APPFOLIO
• 2024-01-12 Price Changed $1,695 APPFOLIO
• 2023-12-24 Listed for Rent $1,795 APPFOLIO
• 2022-11-17 Rental Removed — APPFOLIO
• 2004-10-27 Sold (Public Records) $1,505,000 Public Records
• 1979-11-09 Sold (Public Records) $99,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $21,895 · +3.9% YoY. Source: county tax records.