2188 San Diego Ave · San Diego, CA 92110

$6,300,000

147 bd · 441.0 ba · 7,417 sqft · MultiFamily public records · 63 Days on market

Built 1965 7,768 sqft lot

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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 +26.5/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• 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: 21 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

Turnkey, well maintained 21 unit multi-family located in highly desirable Old Town/Mission Hills Completely rebuilt/repurposed/remodeled in 2017/2018, AB 1482 exempt Walkable neighborhood, walk to restaurants, bars, shops, and Old Town train station (Amtrak, Coaster, SD Trolley, etc. ) Owned laundry with Bluetooth technology Energy efficient upgrades throughout Agent has ownership interest

Key facts

• Owned laundry
• 7,768 sq ft lot
• 5 parking spots

Tags

• WALKABLE NEIGHBORHOOD
• OWNED LAUNDRY
• ENERGY EFFICIENT UPGRADES

Property features AI

Exterior

• Parking: 5 parking spaces
• Home design: Residential income property; Commercial-residential income subtype
• Construction: Stucco exterior
• Exterior features: Composition roof

Interior

• Bathrooms: 21 full bathrooms
• Heating & cooling: Wall/window air conditioning units
• Interior features: Has cooling

What this means for you Summary

Snapshot

• This is a 21 × 7-bed/21.0-bath units multifamily listed at $6.30M.

Deal economics

• At list price, monthly cash flow is $17k ($200k/yr) — positive. Per door: $793/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($73k rent vs $6.30M).
• Recommended offer: $5.92M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 flat; 127 active listings in the ZIP; high-income renter base; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $73,068/mo this rent would consume 791% of the median local household income ($111k/yr) (locally 1894% 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 $44k of loan paydown is wiped out by about $189k 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 63 days — a 6% lower offer ($5.92M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $775k; list at $6.30M implies a 713% gain — meaningful room to come down on a strong offer.

Recommended offer $5,922,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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. Built in 1965 — 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 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. 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: 1.16% ✓
• Cap rate: 9.46%
• Cash-on-cash: 11.32%
• DSCR: 1.50
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.36% rent growth · sell at horizon

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-150,315
• Equity at exit: $939,350

10-year hold

• IRR: 4.3%
• Equity multiple: 1.28×
• Total profit: $496,424
• Equity at exit: $544,709

Cash invested: $1,764,000 (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 92110

• Rents YoY: 0.4%
• Active inventory: 127
• Price-to-rent: 150.9×

Monthly cashflow live

• Estimated rent: $73,068 medium
• Mortgage (P&I): −$33,038
• Tax from tax record: −$5,417 /mo · $65,001/yr
• Insurance: −$2,625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,344
• Net cashflow: $16,644

Break-even live

Break-even rent $52,000

Max offer price $6,300,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 21× units	7	21	$73,059
Total (21 units)			$73,068

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: $1,575,000
• Closing costs: $189,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $6,300,000 Active 63 DOM
2. 2026-06-17
   days on market $6,300,000 Active 62 DOM
3. 2026-06-16
   days on market $6,300,000 Active 61 DOM
4. 2026-06-15
   days on market $6,300,000 Active 60 DOM
5. 2026-06-13
   days on market $6,300,000 Active 58 DOM
6. 2026-06-09
   days on market $6,300,000 Active 54 DOM
7. 2026-06-08
   days on market $6,300,000 Active 53 DOM
8. 2026-06-07
   days on market $6,300,000 Active 52 DOM
9. 2026-06-04
   days on market $6,300,000 Active 49 DOM
10. 2026-06-03
    days on market $6,300,000 Active 48 DOM
11. 2026-06-02
    days on market $6,300,000 Active 47 DOM
12. 2026-06-01
    days on market $6,300,000 Active 46 DOM
13. 2026-05-31
    days on market $6,300,000 Active 45 DOM
14. 2026-04-16
    listed $6,300,000 Active
15. 2014-06-02
    soldstatus $775,000
16. 1997-12-23
    soldstatus $270,000
17. 1992-12-31
    soldstatus $450,000

ⓘ 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: $65,001 · $5,417/mo
• Projected year-2 tax: $65,001 · $5,417/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥85°F today · 20 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: $876,816
• − Mortgage interest: −$352,898
• − Property taxes: −$65,001
• − Insurance: −$31,500
• − Repairs & maintenance: −$70,145
• − Management: −$70,145
• − Depreciation: −$183,273
• Taxable income: $103,854
• Est. tax owed @ 24.0%: −$24,925
• After-tax cash flow: $174,804/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): 30,902
• Household income: $110,790
• Rent vs Own: 63.3% rent · 36.7% own
• Severe rent burden: 1894.0

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: White 59% Hispanic / Latino 18% Two or more races 16% Asian 7% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 77% English-only · Spanish 10% Other Indo-European 4% Chinese 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: ▼ -670.72%
• Current HPI: 414.3971
• Rent YoY: ▲ 0.36%
• 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

+1300.0% since first listed

4 events — show timeline

• 2026-04-16 Listed $6,300,000 SDMLS
• 2014-06-02 Sold (Public Records) $775,000 Public Records
• 1997-12-23 Sold (Public Records) $270,000 Public Records
• 1992-12-31 Sold (Public Records) $450,000 Public Records

Property tax history

+27.0%/yr

Latest (2025): $65,001 · +3.9% YoY. Source: county tax records.