904-14 24th St · San Diego, CA 92102

$2,650,000

80 bd · 68.0 ba · 5,760 sqft · MultiFamily · 237 Days on market

↓ 8% 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 +12.3/30.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 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

Pleased to present 904-14 24th Street, an exceptional 8-unit apartment complex in the Western Slopes of San Diego’s vibrant Golden Hill neighborhood. Built in 1910, this historic property offers timeless charm and substantial value-add potential, with a coveted Walk Score of 89 reflecting its pedestrian friendly location. Spanning two parcels totaling 7,609 square feet and featuring approximately 5,760 rentable square feet, the asset boasts a diverse unit mix: one 2-bedroom/1.5-bathroom unit, three 2-bedroom/1- bathroom units, two 1-bedroom/1-bathroom units, and two studios (one non-conforming). The interiors have been thoughtfully maintained, showcasing built-in storage, vaulted ceil

Key facts

• Diverse unit mix
• Built in storage
• Historic property

Tags

• 8 UNIT APARTMENT COMPLEX
• HISTORIC PROPERTY
• WALK SCORE OF 89
• PEDESTRIAN FRIENDLY LOCATION
• DIVERSE UNIT MIX
• BUILT IN STORAGE

Property features AI

Finance

• Other: Listing broker: Marcus & Millichap

Exterior

• Utilities: Lot size reported in acres
• Home design: Residential income property (Commercial-Residential income subtype)
• Construction: Buildings total approximately 5,760 square feet

Interior

• Bathrooms: 8 full bathrooms; 1 half bathroom
• Interior features: Unbranded virtual tour available

What this means for you Summary

Snapshot

• This is a 1×2bd/1.5ba + 3×2bd/1ba + 4×1bd/1ba units multifamily listed at $2.65M.

Deal economics

• At list price, monthly cash flow is $-471 ($-6k/yr) — negative. Per door: $-59/mo.
• To cash-flow at today's rent, offer at most $2.58M (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.26M (14.8% below list).
• Recommended offer: $2.26M (14.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Market conditions: Rents rising (+1.0%/yr); 90 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 $22,586/mo this rent would consume 351% of the median local household income ($77k/yr) (locally 2980% 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 $18k of loan paydown is wiped out by about $80k 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 237 days — a 12% lower offer ($2.33M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $245k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $2,258,600 (14.8% 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 237 days. Have you received any prior offers? Is the seller open to a 15% 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. 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 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.85% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.76%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.0% rent growth · sell at horizon

5-year hold

• IRR: -19.8%
• Equity multiple: 0.32×
• Total profit: $-503,611
• Equity at exit: $395,124

10-year hold

• IRR: -17.6%
• Equity multiple: 0.12×
• Total profit: $-651,413
• Equity at exit: $229,124

Cash invested: $742,000 (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 92102

• Rents YoY: 1.0%
• Active inventory: 90
• Price-to-rent: 71.3×

Monthly cashflow live

• Estimated rent: $22,586 high
• Mortgage (P&I): −$13,897
• Tax est. 1.5%: −$3,312 /mo · $39,750/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,743
• Net cashflow: $-471

Break-even live

Break-even rent $23,182

Max offer price $2,581,901

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
1× unit	2	1.5	$3,096
▸ 3× units	2	1	$9,288
▸ 4× units	1	1	$10,200
Total (8 units)			$22,586

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: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $2,650,000 Active 237 DOM
2. 2026-06-17
   days on market $2,650,000 Active 236 DOM
3. 2026-06-16
   days on market $2,650,000 Active 235 DOM
4. 2026-06-15
   days on market $2,650,000 Active 234 DOM
5. 2026-06-13
   days on market $2,650,000 Active 232 DOM
6. 2026-06-09
   days on market $2,650,000 Active 228 DOM
7. 2026-06-08
   days on market $2,650,000 Active 227 DOM
8. 2026-06-07
   days on market $2,650,000 Active 226 DOM
9. 2026-06-04
   days on market $2,650,000 Active 223 DOM
10. 2026-06-03
    days on market $2,650,000 Active 222 DOM
11. 2026-06-01
    days on market $2,650,000 Active 220 DOM
12. 2026-05-31
    days on market $2,650,000 Active 219 DOM
13. 2026-05-20
    status Active
14. 2026-04-10
    status Pending
15. 2026-02-28
    price $2,650,000
16. 2025-11-11
    price $2,750,000
17. 2025-09-16
    listed $2,895,000 Active

ⓘ 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 · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $271,032
• − Mortgage interest: −$148,441
• − Property taxes: −$39,750
• − Insurance: −$13,250
• − Repairs & maintenance: −$21,683
• − Management: −$21,683
• − Depreciation: −$77,091
• Taxable loss: −$50,865
• Est. tax savings @ 24.0%: +$12,208
• After-tax cash flow: $6,560/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: 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): 38,901
• Household income: $77,248
• Rent vs Own: 67.3% rent · 32.7% own
• Severe rent burden: 2980.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 56% White 26% Two or more races 17% Black 9% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 53%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 49% English-only · Spanish 45% Other Asian/Pacific 2% Vietnamese 2%

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: ▼ -577.24%
• Current HPI: 402.4107
• Rent YoY: ▲ 1.00%
• 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

-8.5% since first listed

5 events — show timeline

• 2026-05-20 Relisted — SDMLS
• 2026-04-10 Pending — SDMLS
• 2026-02-28 Price Changed $2,650,000 SDMLS
• 2025-11-11 Price Changed $2,750,000 SDMLS
• 2025-09-16 Listed $2,895,000 SDMLS