421 N Weitzel St · Oceanside, CA 92054

$4,095,000

60 bd · 36.0 ba · 8,720 sqft · MultiFamily public records · 35 Days on market

Built 1961

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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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• 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: 12 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

CBRE is pleased to present the opportunity to purchase 421 N Weitzel Street, a value-add 12-unit apartment building located west of Interstate 5 within the conspicuously up-and-coming and rapidly transforming beach community of Oceanside, CA. The property’s Very Walkable location (87 Walk Score) places it within walking distance of a multitude of restaurant options along California’s historic Highway 101 as well as multiple irreplaceable amenities including the iconic Oceanside Pier, The Strand Beach, one of San Diego County’s only Michelin Star rated restaurants and multiple 4-star beach resorts. The property’s location also places it within 2 minutes of the Interst

Key facts

• The strand beach
• 4-star beach resorts
• Listed 35 days

Tags

• VERY WALKABLE LOCATION
• IRREPLACEABLE AMENITIES
• ICONIC OCEANSIDE PIER
• THE STRAND BEACH
• MICHELIN STAR RATED RESTAURANT
• 4-STAR BEACH RESORTS

What this means for you Summary

Snapshot

• This is a 12 × 5-bed/3.0-bath units multifamily listed at $4.09M.

Deal economics

• At list price, monthly cash flow is $12k ($146k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($51k rent vs $4.09M).
• Recommended offer: $3.97M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 2.5% in Oceanside — 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 64/100 on livability (#413 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A; Watch: schools D+, crime D, cost of living F.
• Oceanside Unified (suburban): math 31% / reading 51% proficiency, ranked #221 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 164 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 $51,225/mo this rent would consume 746% of the median local household income ($82k/yr) (locally 2729% 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 $28k of loan paydown is wiped out by about $123k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $1.15M cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($3.97M) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,972,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.25% ✓
• Cap rate: 9.86%
• Cash-on-cash: 12.73%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.99% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.10×
• Total profit: $111,686
• Equity at exit: $610,578

10-year hold

• IRR: 12.1%
• Equity multiple: 1.96×
• Total profit: $1,096,209
• Equity at exit: $354,061

Cash invested: $1,146,600 (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 92054

• Rents YoY: 3.0%
• Active inventory: 164
• Price-to-rent: 79.9×

Monthly cashflow live

• Estimated rent: $51,225 medium
• Mortgage (P&I): −$21,475
• Tax est. 1.5%: −$5,119 /mo · $61,425/yr
• Insurance: −$1,706
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,757
• Net cashflow: $12,168

Break-even live

Break-even rent $35,822

Max offer price $4,095,000

Occupancy floor 71%

Sensitivity live

Price	-10% $14,998	-5% $13,583	+0% $12,168	+5% $10,753	+10% $9,338
Rent	-10% $8,121	-5% $10,145	+0% $12,168	+5% $14,192	+10% $16,215
Rate	-1.0pp $14,230	-0.5pp $13,210	base $12,168	+0.5pp $11,107	+1.0pp $10,027

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

Units	Beds	Baths	Est. rent
▸ 12× units	5	3	$51,228
Total (12 units)			$51,225

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: $1,023,750
• Closing costs: $122,850
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2025-09-30
   soldstatus $3,710,000
2. 2025-09-08
   status Pending
3. 2025-06-28
   listed $4,095,000 Active
4. 2023-10-23
   historical $1,900
5. 2023-10-14
   listed $1,900
6. 1977-06-27
   soldstatus $160,000

ⓘ 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 5/10 Major 7 d/yr ≥83°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $614,700
• − Mortgage interest: −$229,384
• − Property taxes: −$61,425
• − Insurance: −$20,475
• − Repairs & maintenance: −$49,176
• − Management: −$49,176
• − Depreciation: −$119,127
• Taxable income: $85,937
• Est. tax owed @ 24.0%: −$20,625
• After-tax cash flow: $125,393/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: Oceanside Unified
• NCES district ID: 0628250
• Math proficiency: 31% ▼ -5.00%
• Reading proficiency: 51% ▲ 6.00%
• Median HH income: $55,158
• Composite: 35.74/100
• National rank: #4853
• State rank: #221 of 517 in CA

Livability — Oceanside

• Score: 64/100
• State rank: #413
• US rank: #14081

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oceanside, CA
• County: San Diego County · 3,178,799 people
• City population: 198,702
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 38,417
• Household income: $82,408
• Rent vs Own: 60.9% rent · 39.1% own
• Severe rent burden: 2729.0

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 0.62)
• Race & ethnicity: White 46% Hispanic / Latino 41% Two or more races 23% Asian 4% Native American 3% Black 3%
• Hispanic origin (detail): Mexican 36%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 2%
• Foreign-born: 22% · Canada, China, Jamaica
• Languages at home: 65% English-only · Spanish 29% Other Indo-European 1% Tagalog/Filipino 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: ▼ -985.21%
• Current HPI: 461.2228
• Rent YoY: ▲ 2.99%
• 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

+2218.8% since first listed

6 events — show timeline

• 2025-09-30 Sold (Public Records) $3,710,000 Public Records
• 2025-09-08 Pending — SDMLS
• 2025-06-28 Listed $4,095,000 SDMLS
• 2023-10-23 Rental Removed $1,900 APPFOLIO
• 2023-10-14 Listed for Rent $1,900 APPFOLIO
• 1977-06-27 Sold (Public Records) $160,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $5,952 · +2.0% YoY. Source: county tax records.