509 Park Blvd · San Diego, CA 92101

$17,850,000

None bd · None ba · 32,750 sqft · MultiFamily · 84 Days on market

Excellent condition

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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 +22.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Condition / age +4.8/5.0
• Appreciation +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Schools +2.2/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 71 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

HUGE PRICE REDUCTION!! 509 Park is a 71-unit, 32,750-square-foot multifamily property in Downtown San Diego’s East Village, just steps from Petco Park and the San Diego Convention Center. Originally constructed in 1869 as the Bay View Hotel, this historic landmark has been rejuvenated and re-imagined to blend Victorian charm with contemporary style, offering a sophisticated lifestyle that bridges past and present. The property features spacious studio apartments with private kitchens and bathrooms, seamlessly combining classic elegance with modern functionality. A comprehensive renovation in 2023-2025 preserved the building’s historic character while adding modern amenities.

Key facts

• Private bathrooms
• Historic landmark
• Private kitchens

Tags

• HISTORIC LANDMARK
• PRIVATE KITCHENS
• PRIVATE BATHROOMS
• COMPREHENSIVE RENOVATION

Property features AI

Finance

• HOA & community: Fitness center in the community

Exterior

• Home design: Residential income property (Commercial-Residential income subtype)
• Construction: Building area listed as 32,750 (unit unspecified)
• Exterior features: Partial fencing

Interior

• Interior features: Unbranded virtual tour available

What this means for you Summary

Snapshot

• This is a 71 × 1-bed/1.5-bath units multifamily listed at $17.85M. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $29k ($350k/yr) — positive. Per door: $411/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($193k rent vs $17.85M).
• Recommended offer: $16.78M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: Sherman Elementary (539 students, 86% 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 average 69% FRL vs 52% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 521 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 $193,121/mo this rent would consume 2531% 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 $123k of loan paydown is wiped out by about $324k 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 84 days — a 6% lower offer ($16.78M) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 5y 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.

Recommended offer $16,779,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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. 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. 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.
9. 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.
10. 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: 1.08% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.01%
• DSCR: 1.31
• GRM: 7.7

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: -3.1%
• Equity multiple: 0.87×
• Total profit: $-629,348
• Equity at exit: $3,620,616

10-year hold

• IRR: 1.9%
• Equity multiple: 1.14×
• Total profit: $718,870
• Equity at exit: $3,242,140

Cash invested: $4,998,000 (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: 521
• Price-to-rent: 546.9×

Monthly cashflow live

• Estimated rent: $193,121 medium
• Mortgage (P&I): −$93,607
• Tax est. 1.5%: −$22,312 /mo · $267,750/yr
• Insurance: −$7,438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$40,555
• Net cashflow: $29,208

Break-even live

Break-even rent $156,149

Max offer price $17,850,000

Occupancy floor 80%

Sensitivity live

Price	-10% $41,544	-5% $35,376	+0% $29,208	+5% $23,040	+10% $16,873
Rent	-10% $13,952	-5% $21,580	+0% $29,208	+5% $36,837	+10% $44,465
Rate	-1.0pp $38,197	-0.5pp $33,748	base $29,208	+0.5pp $24,583	+1.0pp $19,877

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

Units	Beds	Baths	Est. rent
▸ 71× units	1	1.5	$193,120
Total (71 units)			$193,121

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: $4,462,500
• Closing costs: $535,500
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-22
   days on market $17,850,000 Active 84 DOM
2. 2026-06-21
   days on market $17,850,000 Active 83 DOM
3. 2026-06-18
   days on market $17,850,000 Active 80 DOM
4. 2026-06-17
   days on market $17,850,000 Active 79 DOM
5. 2026-06-16
   days on market $17,850,000 Active 78 DOM
6. 2026-06-15
   days on market $17,850,000 Active 77 DOM
7. 2026-06-13
   days on market $17,850,000 Active 75 DOM
8. 2026-06-09
   days on market $17,850,000 Active 71 DOM
9. 2026-06-08
   days on market $17,850,000 Active 70 DOM
10. 2026-06-07
    days on market $17,850,000 Active 69 DOM
11. 2026-06-04
    days on market $17,850,000 Active 66 DOM
12. 2026-06-03
    days on market $17,850,000 Active 65 DOM
13. 2026-06-02
    days on market $17,850,000 Active 64 DOM
14. 2026-06-01
    days on market $17,850,000 Active 63 DOM
15. 2026-05-31
    days on market $17,850,000 Active 62 DOM
16. 2026-03-01
    listed $17,850,000 Active
17. 2024-06-01
    historical $1,930
18. 2024-05-31
    listed $1,930
19. 2024-05-10
    historical $1,865
20. 2024-05-04
    listed $1,865
21. 2024-05-04
    historical $1,905
22. 2024-04-11
    listed $1,905
23. 2024-04-11
    historical $1,875
24. 2024-04-11
    listed $1,875
25. 2024-04-10
    historical $1,905
26. 2024-03-30
    listed $1,905
27. 2024-03-30
    historical $2,550
28. 2024-03-28
    listed $2,550
29. 2024-03-28
    historical $2,550
30. 2024-03-19
    listed $2,550
31. 2024-03-19
    historical $1,775
32. 2024-03-13
    listed $1,775
33. 2024-03-13
    historical $2,325
34. 2024-02-04
    listed $2,325
35. 2024-02-04
    historical $2,400
36. 2024-01-26
    listed $2,400
37. 2024-01-26
    historical $1,900
38. 2024-01-26
    listed $1,900
39. 2024-01-26
    historical $1,775
40. 2023-12-13
    listed $1,775
41. 2021-02-10
    historical
42. 2021-01-04
    listed $8,000,000

ⓘ 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: $2,317,452
• − Mortgage interest: −$999,878
• − Property taxes: −$267,750
• − Insurance: −$89,250
• − Repairs & maintenance: −$185,396
• − Management: −$185,396
• − Depreciation: −$519,273
• Taxable income: $70,509
• Est. tax owed @ 24.0%: −$16,922
• After-tax cash flow: $333,577/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 · 13 photos

Excellent 95/100 None rehab

This multi-family property in Downtown San Diego's East Village is in excellent condition with no visible repairs needed. It offers a sophisticated blend of Victorian charm and modern amenities, making it a prime investment opportunity.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Painting exterior and interior — Maintains and enhances the building's appearance
• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Painting exterior and interior — Maintains and enhances the building's appearance ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value ↑

ⓘ 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): 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

+123.1% since first listed

27 events — show timeline

• 2026-03-01 Listed $17,850,000 SDMLS
• 2024-06-01 Rental Removed $1,930 APPFOLIO
• 2024-05-31 Listed for Rent $1,930 APPFOLIO
• 2024-05-10 Rental Removed $1,865 APPFOLIO
• 2024-05-04 Listed for Rent $1,865 APPFOLIO
• 2024-05-04 Rental Removed $1,905 APPFOLIO
• 2024-04-11 Listed for Rent $1,905 APPFOLIO
• 2024-04-11 Rental Removed $1,875 APPFOLIO
• 2024-04-11 Listed for Rent $1,875 APPFOLIO
• 2024-04-10 Rental Removed $1,905 APPFOLIO
• 2024-03-30 Listed for Rent $1,905 APPFOLIO
• 2024-03-30 Rental Removed $2,550 APPFOLIO
• 2024-03-28 Listed for Rent $2,550 APPFOLIO
• 2024-03-28 Rental Removed $2,550 APPFOLIO
• 2024-03-19 Listed for Rent $2,550 APPFOLIO
• 2024-03-19 Rental Removed $1,775 APPFOLIO
• 2024-03-13 Listed for Rent $1,775 APPFOLIO
• 2024-03-13 Rental Removed $2,325 APPFOLIO
• 2024-02-04 Listed for Rent $2,325 APPFOLIO
• 2024-02-04 Rental Removed $2,400 APPFOLIO
• 2024-01-26 Listed for Rent $2,400 APPFOLIO
• 2024-01-26 Rental Removed $1,900 APPFOLIO
• 2024-01-26 Listed for Rent $1,900 APPFOLIO
• 2024-01-26 Rental Removed $1,775 APPFOLIO
• 2023-12-13 Listed for Rent $1,775 APPFOLIO
• 2021-02-10 Listing Removed — SDMLS
• 2021-01-04 Listed $8,000,000 SDMLS