221-225 D Ave · Coronado, CA 92118

$3,600,000

None bd · None ba · 2,900 sqft · MultiFamily · 55 Days on market

Built 1955 7,000 sqft lot $1241/sqft · 6% above area Est $3381k · 6% over

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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 +10.7/30.0
• Schools +6.2/10.0
• Appreciation +5.7/10.0
• ARV discount +4.6/15.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• DSCR +3.1/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 7 units. estimate disagrees with records

Listing remarks

We proudly present a rarely available 7-unit residential income property in the heart of Coronado. Combining two lots totaling 7,018 square feet and zoned R-3 and classified under Tier 3 (historic review not required). Exceptional opportunity that surfaces once in a market cycle — just blocks from the iconic Ferry Landing with its waterfront dining, boutique shops, and direct access to San Diego Bay. Both APNs are being sold together. For the value-add investor, the existing units offer immediate upside through renovation and repositioning in one of California's most supply-constrained rental markets. For the developer or land banker, the R-3 zoning and combined lot size present a co

Key facts

• Waterfront dining
• Zoned r-3
• Combined lot size

Tags

• ZONED R-3
• COMBINED LOT SIZE
• WATERFRONT DINING
• DIRECT ACCESS TO SAN DIEGO BAY

Property features AI

Finance

• Other: Total of 7 leased units; Average one-bedroom area reported as 425 (unit of measure in listing); Building area total reported as 2,900 (unit of measure in listing)
• Financial info: Gross scheduled income approximately $121,000; Gross income approximately $120,700; Net operating income approximately $75,000; Laundry income approximately $300; Operating expenses approximately $46,000; Total expenses listed approximately $58,960; Insurance expense listed approximately $2,000; Water/sewer expense listed approximately $2,660; Trash expense listed approximately $3,700; New taxes listed approximately $39,600; Property subject to rent control
• HOA & community: Community features include golf course access, dog park, street lighting, storm drains, sidewalks, and nearby park

Exterior

• Parking: Five uncovered parking spaces (total 5 parking spaces)
• Utilities: Public sewer; Separate water meters: 2; Separate gas meters: 7; Separate electric meters: 7
• Home design: Attached multifamily property; Single-story buildings (total of 1 story); Two buildings on the parcel; Common walls (2+)
• Construction: Parcel numbers on file
• Exterior features: No pool; Lot is level/flat; Lot dimensions approximately 50 x 143' (combined parcels); Additional parcel on file

Interior

• Bedrooms: Total of 7 units (multifamily property)
• Interior features: Curb entry location; Entry level is ground floor
• Laundry & utility: Community laundry area; Laundry located in a designated area

What this means for you Summary

Snapshot

• This is a 7 × 2-bed/?-bath units multifamily listed at $3.60M.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative. Per door: $-242/mo.
• To cash-flow at today's rent, offer at most $3.36M (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.94M (18.5% below list).
• Recommended offer: $2.94M (18.5% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 0.9% in Coronado — 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 69/100 on livability (#249 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, amenities A-; Watch: cost of living F, health & safety F.
• Coronado Unified (suburban): math 61% / reading 77% proficiency, ranked #47 of 517 in CA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Zoned schools: Coronado Village Elementary (math 68% / reading 76%, grade A-, #122 of 1,571 statewide, top 8%, 780 students, 15% FRL); Coronado Middle (math 54% / reading 75%, grade A-, #45 of 498 statewide, top 9%, 641 students, 16% FRL); Coronado High (math 67% / reading 87%, grade A-, #61 of 1,170 statewide, top 5%, 1,045 students, 15% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 161 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $29,350/mo this rent would consume 262% of the median local household income ($135k/yr) (locally 1052% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $76k of equity ($25k loan paydown + $51k appreciation (1.4% local appreciation)).
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$267k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($3.49M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $3.60M implies a 4700% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,935,000 (18.5% 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 55 days. Have you received any prior offers? Is the seller open to a 18% 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. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
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: 0.82% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.01%
• DSCR: 0.91
• GRM: 10.2

CMA / ARV

• ARV (median comp): $3,381,042
• List price: $3,600,000
• Delta: 6.48%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
756-62 G Ave	0.65mi	5/5.0	2,500 (-14%)	2mo	$3,620,000	$1,448	45

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

Projected returns pro-forma

1.41% appreciation · 4.44% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.08×
• Total profit: $75,913
• Equity at exit: $1,306,426

10-year hold

• IRR: 6.6%
• Equity multiple: 1.87×
• Total profit: $878,617
• Equity at exit: $1,797,666

Cash invested: $1,008,000 (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 92118

• Home prices YoY: 0.4%
• Rents YoY: 4.4%
• Active inventory: 161
• Price-to-rent: 71.6×

Monthly cashflow live

• Estimated rent: $29,350 medium
• Mortgage (P&I): −$18,879
• Tax est. 1.5%: −$4,500 /mo · $54,000/yr
• Insurance: −$1,500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,164
• Net cashflow: $-1,692

Break-even live

Break-even rent $31,492

Max offer price $3,355,123

Occupancy floor —

Sensitivity live

Price	-10% $796	-5% $-448	+0% $-1,692	+5% $-2,936	+10% $-4,180
Rent	-10% $-4,011	-5% $-2,852	+0% $-1,692	+5% $-533	+10% $626
Rate	-1.0pp $121	-0.5pp $-777	base $-1,692	+0.5pp $-2,625	+1.0pp $-3,574

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

Units	Beds	Baths	Est. rent
▸ 7× units	2	—	$29,351
Total (7 units)			$29,350

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: $900,000
• Closing costs: $108,000
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 C Ave Coronado, CA	2.0–3.0	2.0	2246	$8,000	$3.56	16d	2	0.14mi
120 C Ave Coronado, CA	2.0–3.0	2.0	2483	$8,500	$3.42	45d	1	0.14mi
1220 1st St #303 Coronado, CA	3.0	3.0	2520	$12,500	$4.96	26d	1	0.18mi
1099 1st St Coronado, CA	2.0–4.0	2.5–4.0	3092	$6,700	$2.17	45d	4	0.20mi
218 J Ave Coronado, CA	3.0	2.5	2000	$22,500	$11.25	26d	1	0.50mi
733 H Ave Coronado, CA	3.0	2.5	2477	$8,750	$3.53	26d	1	0.64mi
837 B Ave Coronado, CA	3.0	2.5	2380	$9,900	$4.16	45d	1	0.70mi
540 Country Club Ln Coronado, CA	3.0	3.0	2076	$24,000	$11.56	45d	1	0.72mi
610 Country Club Ln Coronado, CA	3.0	2.5	2335	$13,500	$5.78	19d	1	0.76mi
911 E Ave #301 Coronado, CA	3.0	2.5	2956	$9,000	$3.04	45d	1	0.76mi
942 D Ave Unit A Coronado, CA	3.0	2.5	2358	$9,500	$4.03	45d	1	0.79mi
937 F Ave Coronado, CA	3.0	3.5	2400	$25,000	$10.42	45d	1	0.80mi
958 A Ave Coronado, CA	3.0	3.0	2200	$7,000	$3.18	45d	1	0.84mi
1612 Cajon Pl Coronado, CA	3.0	3.0	2732	$12,000	$4.39	45d	1	0.91mi
817 Margarita Ave Coronado, CA	3.0	2.0	2000	$9,000	$4.50	45d	1	0.93mi
200 Harbor Dr #1502 San Diego, CA	2.0	3.0	2510	$9,875	$3.93	18d	1	1.05mi
700 W Harbor Dr San Diego, CA	1.0–2.0	2.0	1530	$9,495	$6.21	18d	3	1.05mi
645 Front St #101 San Diego, CA	3.0	3.0	2500	$7,495	$3.00	26d	1	1.20mi
1011 Union St San Diego, CA	3.0	1.0–3.0	1496	$11,401	$7.62	1d	29	1.43mi

Listing history 16 events

1. 2026-06-21
   days on market $3,600,000 Active 55 DOM
2. 2026-06-18
   days on market $3,600,000 Active 52 DOM
3. 2026-06-17
   days on market $3,600,000 Active 51 DOM
4. 2026-06-16
   days on market $3,600,000 Active 50 DOM
5. 2026-06-15
   days on market $3,600,000 Active 49 DOM
6. 2026-06-13
   days on market $3,600,000 Active 47 DOM
7. 2026-06-09
   days on market $3,600,000 Active 43 DOM
8. 2026-06-08
   days on market $3,600,000 Active 42 DOM
9. 2026-06-07
   days on market $3,600,000 Active 41 DOM
10. 2026-06-04
    days on market $3,600,000 Active 38 DOM
11. 2026-06-03
    days on market $3,600,000 Active 37 DOM
12. 2026-06-02
    days on market $3,600,000 Active 36 DOM
13. 2026-06-01
    days on market $3,600,000 Active 35 DOM
14. 2026-05-31
    days on market $3,600,000 Active 34 DOM
15. 2026-04-28
    listed $3,600,000 Active 977-char remark
16. 1972-07-19
    soldstatus $75,000

ⓘ 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 ≥84°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: $352,200
• − Mortgage interest: −$201,656
• − Property taxes: −$54,000
• − Insurance: −$18,000
• − Repairs & maintenance: −$28,176
• − Management: −$28,176
• − Depreciation: −$104,727
• Taxable loss: −$82,535
• Est. tax savings @ 24.0%: +$19,808
• After-tax cash flow: $-499/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: Coronado Unified
• NCES district ID: 0609870
• Math proficiency: 61% ▼ -7.00%
• Reading proficiency: 77% ▼ -1.00%
• Median HH income: $91,550
• Composite: 62.45/100
• National rank: #691
• State rank: #47 of 517 in CA

Livability — Coronado

• Score: 69/100
• State rank: #249
• US rank: #8296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coronado, CA
• County: San Diego County · 3,178,799 people
• City population: 18,929
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 18,929
• Household income: $134,534
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 1052.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 19% Two or more races 11% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 12% Puerto Rican 3%
• Common ancestry: Italian 4% Lithuanian 4% Slovak 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 84% English-only · Spanish 12% Tagalog/Filipino 1% Other Indo-European 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: ▲ 1.41%
• Current HPI: 360.7979
• Rent YoY: ▲ 4.44%
• 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

+4700.0% since first listed

2 events — show timeline

• 2026-04-28 Listed $3,600,000 CRMLS
• 1972-07-19 Sold (Public Records) $75,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $3,066 · +0.9% YoY. Source: county tax records.