2901-2921 Columbia St · San Diego, CA 92103

$3,695,000

None bd · None ba · 7,800 sqft · MultiFamily · 107 Days on market

Good condition 0.29 ac lot $474/sqft · 9% below area Est $4.052M · 9% under ↓ 9% since listing

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Why this score? — see what drove the D+ 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 +14.4/30.0
• ARV discount +11.5/15.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.8/5.0
• Schools +2.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 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

Discover a compelling value-add investment opportunity -- 11-unit residential Investment. Property perfectly positioned in the heart of Middletown, one of Metro San Diego's most sought-after and consistently resilient neighborhoods. This is your chance to acquire a property in a sub-market that continues to attract strong renter demand and long-term appreciation potential. RM-2-5 zoned corner lot offers significant upside potential for investors looking to increase current rents and through unit upgrades or explore future development possibilities. The property is well-maintained and functionally sound, providing stable in-place income while an investor executes their value-add strategy.

Key facts

• Unit upgrades
• Triple-pane windows
• Well-maintained

Tags

• CORNER LOT
• UNIT UPGRADES
• WELL-MAINTAINED
• OFF-STREET TENANT PARKING
• TRIPLE-PANE WINDOWS
• PITCH COMPOSITION ROOF

What this means for you Summary

Snapshot

• This is a 11 × 2-bed/?-bath units multifamily listed at $3.69M. Condition is rated good.
• This rent per unit runs 35% of the median local income ($103k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive. Per door: $65/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 $3.32M (10.1% below list).
• Recommended offer: $3.32M (10.1% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.
• Zoned schools: Grant K-8 (reading 24%, 721 students, 32% 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) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 295 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 49d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $26k of loan paydown is wiped out by about $111k 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 107 days — a 9% lower offer ($3.36M) is reasonable based on typical stale-listing flexibility.

Recommended offer $3,322,400 (10.1% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 10% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.90% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 9.3

CMA / ARV

• ARV (median comp): $4,051,732
• List price: $3,695,000
• Delta: -8.80%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
726 Torrance St	0.69mi	—/—	8,000 (+3%)	12mo	$2,650,000	$331	54
3020 6th Ave	0.74mi	3/2.0	7,298 (-6%)	5mo	$4,200,000	$576	50
2621-2629 1st Ave	0.51mi	—/—	6,870 (-12%)	8mo	$3,925,000	$571	50
2920 First Ave	0.46mi	5/5.0	8,876 (+14%)	15mo	$4,300,000	$484	43
630 W Washington St	1.07mi	4/12.0	6,688 (-14%)	4mo	$2,800,000	$419	38
3750-3756 4th Ave	0.99mi	8/7.0	6,784 (-13%)	19mo	$2,950,000	$435	28
1942-54 San Diego Ave	1.11mi	16/14.0	6,781 (-13%)	19mo	$3,500,000	$516	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.41×
• Total profit: $-610,746
• Equity at exit: $550,937

10-year hold

• IRR: -12.4%
• Equity multiple: 0.32×
• Total profit: $-700,454
• Equity at exit: $319,476

Cash invested: $1,034,600 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $3,497,500 ($547/sqft)
• Median days on market: 100 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: -5.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 92103

• Rents YoY: 1.2%
• Active inventory: 295
• Price-to-rent: 101.9×

Monthly cashflow live

• Estimated rent: $33,224 high
• Mortgage (P&I): −$19,377
• Tax est. 1.5%: −$4,619 /mo · $55,425/yr
• Insurance: −$1,540
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,977
• Net cashflow: $712

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

Units	Beds	Baths	Est. rent
▸ 11× units	2	—	$33,220
Total (11 units)			$33,224

Break-even live

Break-even rent $32,323

Max offer price $3,695,000

Occupancy floor 93%

Sensitivity live

Price	-10% $3,265	-5% $1,988	+0% $712	+5% $-565	+10% $-1,842
Rent	-10% $-1,913	-5% $-601	+0% $712	+5% $2,024	+10% $3,336
Rate	-1.0pp $2,572	-0.5pp $1,651	base $712	+0.5pp $-246	+1.0pp $-1,220

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: $923,750
• Closing costs: $110,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3033 India St #4 San Diego, CA	2.0	2.5	1939	$4,500	$2.32	37d	1	0.11mi
2850 Reynard Way #30 San Diego, CA	2.0	1.0	726	$2,750	$3.79	57d	1	0.12mi
2812 Reynard Way Apt C San Diego, CA	2.0	1.0	—	$2,750	—	48d	1	0.14mi
2717 Columbia St San Diego, CA	2.0	2.5	1082	$3,500	$3.23	57d	1	0.15mi
2715 Columbia St Unit 102 San Diego, CA	1.0	1.0	541	$2,400	$4.44	52d	1	0.15mi
3013 Horton Ave Unit B San Diego, CA	2.0	2.0	900	$2,595	$2.88	57d	1	0.17mi
3120 Horton Ave Unit 3120 San Diego, CA	2.0	2.0	1500	$3,800	$2.53	22d	1	0.18mi
3126 Horton Ave San Diego, CA	2.0	2.0	1500	$3,800	$2.53	28d	1	0.20mi
811 W Nutmeg St San Diego, CA	1.0–2.0	1.0–2.0	962	$3,400	$3.53	73d	3	0.20mi
1218 W Spruce St San Diego, CA	2.0	2.0	800	$3,295	$4.12	73d	1	0.21mi
3225 Columbia St Unit A San Diego, CA	1.0	1.0	—	$1,795	—	23d	1	0.23mi
3182 Reynard Way San Diego, CA	2.0	1.0	—	$2,550	—	13d	1	0.27mi
1330 Sassafras St Unit 1334 San Diego, CA	2.0	1.0	800	$2,925	$3.66	69d	1	0.28mi
2603 Dove St San Diego, CA	1.0	1.0	696	$2,645	$3.80	63d	1	0.29mi
1132 Sassafras St San Diego, CA	1.0	1.0	500	$2,395	$4.79	48d	1	0.29mi
2519 Columbia St Apt 3 San Diego, CA	2.0	1.0	911	$3,230	$3.55	13d	1	0.30mi
3364 Columbia St Unit 3366 San Diego, CA	2.0	2.0	1200	$3,100	$2.58	7d	1	0.33mi
3366 Columbia St Unit 3366 San Diego, CA	2.0	2.0	1200	$3,100	$2.58	23d	1	0.33mi
2454 Union St San Diego, CA	2.0	1.0	800	$3,950	$4.94	64d	1	0.35mi
2446 India St San Diego, CA	2.0	1.0	800	$2,750	$3.44	21d	1	0.36mi
2442 Union St #1 San Diego, CA	2.0	2.0	1018	$2,995	$2.94	17d	1	0.36mi
3333 Reynard Way Unit 17 San Diego, CA	2.0	2.0	1160	$3,850	$3.32	7d	1	0.38mi
3333 Reynard Way Apt 16 San Diego, CA	2.0	2.0	1160	$3,700	$3.19	7d	1	0.38mi
3538 Curlew St Unit 40 San Diego, CA	2.0	1.0	900	$2,595	$2.88	52d	1	0.46mi
2410 Albatross St #12 San Diego, CA	1.0	1.5	1044	$3,100	$2.97	46d	1	0.46mi
3476 Reynard Way San Diego, CA	3.0	2.0	1506	$5,200	$3.45	27d	1	0.47mi
2725 First Ave Unit 2733 San Diego, CA	1.0	1.0	—	$2,995	—	73d	1	0.49mi
3102 First Ave Apt E San Diego, CA	2.0	2.0	1200	$3,695	$3.08	64d	1	0.49mi
2250 India St San Diego, CA	2.0	2.0	918	$3,595	$3.92	25d	2	0.49mi
3353 Brant St San Diego, CA	3.0	1.0	1400	$3,695	$2.64	19d	1	0.50mi
3172 First Ave Unit 3142 San Diego, CA	1.0	1.0	440	$2,195	$4.99	73d	1	0.51mi
2433 Front St San Diego, CA	2.0	1.0	1500	$25,000	$16.67	73d	1	0.52mi
2253 Brant St San Diego, CA	2.0	1.0	900	$3,295	$3.66	73d	1	0.53mi
2251 Brant St San Diego, CA	2.0	1.5	900	$4,995	$5.55	73d	1	0.53mi
2525 First Ave San Diego, CA	2.0	1.0–2.0	806	$5,631	$6.98	7d	20	0.53mi
234 W Juniper St San Diego, CA	1.0	1.0	550	$2,470	$4.49	42d	3	0.53mi
1534 Glenwood Dr San Diego, CA	2.0	2.5	1700	$4,750	$2.79	19d	1	0.54mi
2351 Front St Unit 1024455P San Diego, CA	2.0	3.0	1571	$10,938	$6.96	73d	1	0.55mi
2154 Union St San Diego, CA	1.0	1.0	350	$2,900	$8.29	73d	1	0.56mi
2710 Third Ave San Diego, CA	1.0	1.0	725	$2,995	$4.13	63d	1	0.56mi

Property features AI

Finance

• HOA & community: No community features listed

Exterior

• Parking: Total of 11 parking spacesIncludes 1 carport
• Home design: Residential income property (Com-Res Income)Zoned RM-2-5
• Construction: Composition roof
• Exterior features: Landscaped lot

Interior

• Flooring: TileVinyl
• Heating & cooling: Radiant heatingNo cooling
• Interior features: Tile and vinyl flooring

Listing history 50 events

1. 2026-08-08
   days on market $3,695,000 Active 107 DOM
2. 2026-08-06
   days on market $3,695,000 Active 105 DOM
3. 2026-08-05
   days on market $3,695,000 Active 104 DOM
4. 2026-08-04
   days on market $3,695,000 Active 103 DOM
5. 2026-08-03
   days on market $3,695,000 Active 102 DOM
6. 2026-07-31
   days on market $3,695,000 Active 99 DOM
7. 2026-07-30
   days on market $3,695,000 Active 98 DOM
8. 2026-07-30
   days on market $3,695,000 Active 97 DOM
9. 2026-07-28
   days on market $3,695,000 Active 96 DOM
10. 2026-07-24
    days on market $3,695,000 Active 92 DOM
11. 2026-07-23
    days on market $3,695,000 Active 91 DOM
12. 2026-07-22
    days on market $3,695,000 Active 90 DOM
13. 2026-07-21
    days on market $3,695,000 Active 89 DOM
14. 2026-07-20
    days on market $3,695,000 Active 88 DOM
15. 2026-07-18
    days on market $3,695,000 Active 86 DOM
16. 2026-07-16
    days on market $3,695,000 Active 84 DOM
17. 2026-07-15
    days on market $3,695,000 Active 83 DOM
18. 2026-07-14
    days on market $3,695,000 Active 82 DOM
19. 2026-07-13
    days on market $3,695,000 Active 81 DOM
20. 2026-07-13
    days on market $3,695,000 Active 80 DOM
21. 2026-07-11
    days on market $3,695,000 Active 79 DOM
22. 2026-07-10
    days on market $3,695,000 Active 78 DOM
23. 2026-07-09
    days on market $3,695,000 Active 77 DOM
24. 2026-07-07
    days on market $3,695,000 Active 75 DOM
25. 2026-07-06
    days on market $3,695,000 Active 74 DOM
26. 2026-07-06
    days on market $3,695,000 Active 73 DOM
27. 2026-07-05
    pricedays on market $3,695,000 Active 72 DOM
28. 2026-07-03
    days on market $3,775,000 Active 71 DOM
29. 2026-07-02
    days on market $3,775,000 Active 70 DOM
30. 2026-07-01
    days on market $3,775,000 Active 69 DOM
31. 2026-06-30
    days on market $3,775,000 Active 68 DOM
32. 2026-06-29
    days on market $3,775,000 Active 67 DOM
33. 2026-06-28
    days on market $3,775,000 Active 66 DOM
34. 2026-06-27
    days on market $3,775,000 Active 65 DOM
35. 2026-06-26
    days on market $3,775,000 Active 64 DOM
36. 2026-06-24
    days on market $3,775,000 Active 62 DOM
37. 2026-06-22
    days on market $3,775,000 Active 60 DOM
38. 2026-06-21
    days on market $3,775,000 Active 59 DOM
39. 2026-06-18
    days on market $3,775,000 Active 56 DOM
40. 2026-06-17
    days on market $3,775,000 Active 55 DOM
41. 2026-06-16
    days on market $3,775,000 Active 54 DOM
42. 2026-06-15
    days on market $3,775,000 Active 53 DOM
43. 2026-06-13
    pricedays on market $3,775,000 Active 51 DOM
44. 2026-06-09
    days on market $3,950,000 Active 47 DOM
45. 2026-06-08
    days on market $3,950,000 Active 46 DOM
46. 2026-06-07
    days on market $3,950,000 Active 45 DOM
47. 2026-06-04
    days on market $3,950,000 Active 42 DOM
48. 2026-06-03
    days on market $3,950,000 Active 41 DOM
49. 2026-06-02
    days on market $3,950,000 Active 40 DOM
50. 2026-06-01
    days on market $3,950,000 Active 39 DOM

ⓘ 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 3/10 Moderate 7 d/yr ≥87°F today · 19 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: $398,688
• − Mortgage interest: −$206,977
• − Property taxes: −$55,425
• − Insurance: −$18,475
• − Repairs & maintenance: −$31,895
• − Management: −$31,895
• − Depreciation: −$107,491
• Taxable loss: −$53,470
• Est. tax savings @ 24.0%: +$12,833
• After-tax cash flow: $21,373/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 · 6 photos

Good 75/100 Cosmetic rehab Est. rehab $39,000–$117,000 screening

This 11-unit multi-family property in Middletown, San Diego, is in good condition with a well-maintained exterior and interior. It offers a solid investment opportunity with potential for value-add improvements.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and can attract more renters. ↑
• Rental HVAC system maintenance — Ensures comfort and reduces utility costs for tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 24/100

Zoned Schools

Elementary Grant K-8 Middle Roosevelt International Middle F CA #277/498 Nat'l #10,474/14,009 High San Diego High

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

B Composite livability gradescore 75/100

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 · 3,678,185 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 34,836
• Household income: $102,626
• Rent vs Own: 64.8% rent · 35.2% own
• Severe rent burden: 12% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 10% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 2% Chinese 2%

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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: ▼ -723.82%
• Current HPI: 256.0844
• Rent YoY: ▲ 1.24%
• Metro: San Diego-Chula Vista-Carlsbad, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

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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

Property features AI

Finance

• HOA & community: No community features listed

Exterior

• Parking: Total of 11 parking spacesIncludes 1 carport
• Home design: Residential income property (Com-Res Income)Zoned RM-2-5
• Construction: Composition roof
• Exterior features: Landscaped lot

Interior

• Flooring: TileVinyl
• Heating & cooling: Radiant heatingNo cooling
• Interior features: Tile and vinyl flooring

Price history

-9.0% since first listed

3 events — show timeline

• 2026-06-12 Price Changed $3,775,000 SDMLS
• 2026-05-15 Price Changed $3,950,000 SDMLS
• 2026-04-22 Listed $4,150,000 SDMLS