623 - 627 N Edison · Stockton, CA 95203

$2,295,000

374 bd · None ba · 1,976 sqft · MultiFamily public records · 114 Days on market

Built 1950 7,549 sqft lot $1161/sqft · 1044% above area

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 22 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

Great opportunity to own an investment property. The property appraised at $2.5M on Feb 2026, close to downtown Stockton, with an excellent going-in CAP rate. This 22 unit apartment building consists of 3 two-bedroom units, 11 one-bedroom units, and 8 Studio units. Property has been completely renovated with over $300k of investment and most units have tile flooring, double pane windows, granite countertops, and new kitchens. Recent improvements include 8 remodeled units, exterior painting, rewired electric panel, new water and sewer lines, newer commercial water heater, and roof water proofing. A roof inspection report is availble upon request. See OM attached. A Must See!

Key facts

• Remodeled units
• Completely renovated
• 7,549 sq ft lot

Tags

• 22 UNIT APARTMENT BUILDING
• COMPLETELY RENOVATED
• REMODELED UNITS
• NEW WATER AND SEWER LINES
• NEWER COMMERCIAL WATER HEATER

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 11×1bd/1ba + 8×?bd/1ba units multifamily listed at $2.29M.

Deal economics

• At list price, monthly cash flow is $9k ($108k/yr) — positive. Per door: $410/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $2.29M).
• Recommended offer: $2.09M (9.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.6% in Stockton — 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 57/100 on livability (#734 in CA) — a working-class tenant base; expect higher turnover. Strengths: housing A+, health & safety A, amenities A-; Watch: employment C-, schools D-, crime F.
• Stockton Unified (urban): math 23% / reading 46% proficiency, ranked #295 of 517 in CA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 64 active listings in the ZIP; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• At $28,744/mo this rent would consume 544% of the median local household income ($63k/yr) (locally 1034% 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 (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $69k of value loss. Plan a longer hold.
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $643k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($2.09M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $1.16M; list at $2.29M implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,088,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F 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?
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: 1.25% ✓
• Cap rate: 11.01%
• Cash-on-cash: 16.86%
• DSCR: 1.75
• GRM: 6.7

CMA / ARV

• ARV (median comp): $714,517
• List price: $2,295,000
• Delta: 221.20%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.0%
• Equity multiple: 1.31×
• Total profit: $202,189
• Equity at exit: $342,192

10-year hold

• IRR: 17.3%
• Equity multiple: 2.42×
• Total profit: $912,765
• Equity at exit: $198,430

Cash invested: $642,600 (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 →

ZIP-level market 95203

• Active inventory: 64
• Price-to-rent: 137.4×

Monthly cashflow live

• Estimated rent: $28,744 high
• Mortgage (P&I): −$12,035
• Tax from tax record: −$689 /mo · $8,262/yr
• Insurance: −$956
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,036
• Net cashflow: $9,028

Break-even live

Break-even rent $17,316

Max offer price $2,295,000

Occupancy floor 64%

Sensitivity live

Price	-10% $10,327	-5% $9,677	+0% $9,028	+5% $8,378	+10% $7,729
Rent	-10% $6,757	-5% $7,892	+0% $9,028	+5% $10,163	+10% $11,299
Rate	-1.0pp $10,184	-0.5pp $9,611	base $9,028	+0.5pp $8,433	+1.0pp $7,828

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,176
▸ 11× units	1	1	$14,146
▸ 8× units	0	1	$10,424
Total (22 units)			$28,744

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: $573,750
• Closing costs: $68,850
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $2,295,000 Active 114 DOM
2. 2026-06-17
   days on market $2,295,000 Active 113 DOM
3. 2026-06-16
   days on market $2,295,000 Active 112 DOM
4. 2026-06-15
   days on market $2,295,000 Active 111 DOM
5. 2026-06-14
   days on market $2,295,000 Active 109 DOM
6. 2026-06-10
   days on market $2,295,000 Active 106 DOM
7. 2026-06-09
   days on market $2,295,000 Active 105 DOM
8. 2026-06-08
   days on market $2,295,000 Active 104 DOM
9. 2026-06-07
   days on market $2,295,000 Active 103 DOM
10. 2026-06-05
    days on market $2,295,000 Active 100 DOM
11. 2026-06-03
    days on market $2,295,000 Active 99 DOM
12. 2026-06-03
    days on market $2,295,000 Active 98 DOM
13. 2026-06-01
    days on market $2,295,000 Active 97 DOM
14. 2026-05-31
    days on market $2,295,000 Active 96 DOM
15. 2017-11-01
    soldstatus $1,160,000
16. 2016-10-08
    listed $1,195,000
17. 1993-03-11
    soldstatus $420,000

ⓘ 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: $8,262 · $689/mo
• Projected year-2 tax: $17,442 · $1,454/mo
• Expected delta: +$9,180/yr (+$765/mo · 111.1%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥103°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 30 unhealthy d/yr today · 30 by 30 yrs out

Taxation est. · year 1

• Rental income: $344,928
• − Mortgage interest: −$128,556
• − Property taxes: −$8,262
• − Insurance: −$11,475
• − Repairs & maintenance: −$27,594
• − Management: −$27,594
• − Depreciation: −$66,764
• Taxable income: $74,683
• Est. tax owed @ 24.0%: −$17,924
• After-tax cash flow: $90,409/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: Stockton Unified
• NCES district ID: 0638010
• Math proficiency: 23% ▲ 2.00%
• Reading proficiency: 46% ▲ 16.00%
• Median HH income: $37,563
• Composite: 28.65/100
• National rank: #6701
• State rank: #295 of 517 in CA

Livability — Stockton

• Score: 57/100
• State rank: #734
• US rank: #21638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stockton, CA
• County: San Joaquin County · 729,570 people
• City population: 332,006
• Metro: Stockton, CA
• Population (ZIP): 15,930
• Household income: $63,411
• Rent vs Own: 57.0% rent · 43.0% own
• Severe rent burden: 1034.0

Population outlook (San Joaquin County) Hauer SSP2

• Today (2025): 796,965 people
• By 2030: 828,849 · +4.0%
• By 2040: 885,611 · +11.1%
• By 2050: 929,798 · +16.7%
• By 2075: 994,578 · +24.8%
• By 2100: 971,291 · +21.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 58% White 17% Two or more races 14% Asian 10% Black 9% Native American 5%
• Hispanic origin (detail): Mexican 51%
• Common ancestry: Serbian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, China
• Languages at home: 54% English-only · Spanish 38% Other Asian/Pacific 4% Tagalog/Filipino 2%

Political lean MEDSL · San Joaquin

• 2024 margin: Toss-up / Even · D 48.0% · R 48.9% · Other 3.0%
• 2008→2024 swing: -11.6pp toward R · 2008: 10.7pp · 2024: -0.9pp
• All cycles: 2024: R+0.9 2020: D+13.9 2016: D+12.9 2012: D+8.9 2008: D+10.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -342.07%
• Current HPI: 455.9551
• Rent YoY: —
• Metro: Stockton, 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

+176.2% since first listed

3 events — show timeline

• 2017-11-01 Sold (Public Records) $1,160,000 Public Records
• 2016-10-08 Listed $1,195,000 San Francisco MLS
• 1993-03-11 Sold (Public Records) $420,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $8,262 · +1.6% YoY. Source: county tax records.