545 N California St · Stockton, CA 95202

$1,950,000

280 bd · 400.0 ba · 11,518 sqft · MultiFamily public records · 7 Days on market

Built 1914 10,001 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 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

Rare opportunity to acquire a 20-unit apartment portfolio in the heart of downtown Stockton. Comprised of a 12-unit building at 545 N California St and an 8-unit building at 436 E Oak St, this income-producing asset offers strong cash flow, stable occupancy potential, and future upside. Generating over $22,000 per month in gross rental income (over $264,000 annually), this property delivers an 8%+ cap rate, making it an attractive opportunity for investors seeking both immediate returns and long-term appreciation. The property features a diverse unit mix of studios, one-bedroom, and two-bedroom apartments, appealing to a broad tenant base. Located near downtown Stockton's business district,

Key facts

• 0.23 acre lot
• Built 1914
• Listed 7 days

Property features AI

Finance

• Financial info: 20 total units
• HOA & community: No association

Exterior

• Utilities: Natural gas connected; Public water; Sewer: see remarks; No irrigation
• Home design: Residential income property (apartment building); Five-or-more unit property; Built in 1914
• Construction: Year built 1914
• Exterior features: Lot features: Other

Interior

• Bedrooms: Multiple 2-bedroom units (see unit breakdown)
• Flooring: Other flooring
• Bathrooms: Multiple full bathrooms (see unit breakdown)
• Heating & cooling: Other heating; Other cooling
• Interior features: Three-story building
• Laundry & utility: Onsite laundry features

What this means for you Summary

Snapshot

• This is a 20 × 14-bed/4.0-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $14k ($166k/yr) — positive. Per door: $692/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.95M).
• Cap rate 14.8% 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: 24 active listings in the ZIP; lower-income renter base — watch delinquency; 3,779 units permitted in San Joaquin County in 2024 (0 in 5+ unit buildings).
• At $33,008/mo this rent would consume 1277% of the median local household income ($31k/yr) (locally 837% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $27k of equity ($13k loan paydown + $14k appreciation (0.7% local appreciation)).
• San Joaquin County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $546k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$131k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y ago; this cycle's ask is 175% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $960k; list at $1.95M implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $1,950,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.69% ✓
• Cap rate: 14.81%
• Cash-on-cash: 30.41%
• DSCR: 2.35
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.7% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.2%
• Equity multiple: 2.63×
• Total profit: $889,286
• Equity at exit: $635,833

10-year hold

• IRR: 34.9%
• Equity multiple: 5.10×
• Total profit: $2,239,991
• Equity at exit: $822,335

Cash invested: $546,000 (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 95202

• Home prices YoY: 0.2%
• Active inventory: 24
• Price-to-rent: 98.5×

Monthly cashflow live

• Estimated rent: $33,008 medium
• Mortgage (P&I): −$10,226
• Tax from tax record: −$1,203 /mo · $14,435/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,932
• Net cashflow: $13,835

Break-even live

Break-even rent $15,495

Max offer price $1,950,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 20× units	14	4	$33,000
Total (20 units)			$33,008

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: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $1,950,000 Active 7 DOM
2. 2026-06-17
   days on market $1,950,000 Active 6 DOM
3. 2026-06-16
   days on market $1,950,000 Active 5 DOM
4. 2026-06-15
   days on market $1,950,000 Active 4 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $1,950,000 Active 2 DOM

ⓘ 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: $14,435 · $1,203/mo
• Projected year-2 tax: $14,820 · $1,235/mo
• Expected delta: +$385/yr (+$32/mo · 2.7%)

ⓘ 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: $396,096
• − Mortgage interest: −$109,230
• − Property taxes: −$14,435
• − Insurance: −$9,750
• − Repairs & maintenance: −$31,688
• − Management: −$31,688
• − Depreciation: −$56,727
• Taxable income: $142,578
• Est. tax owed @ 24.0%: −$34,219
• After-tax cash flow: $131,800/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): 7,066
• Household income: $31,020
• Rent vs Own: 91.1% rent · 8.9% own
• Severe rent burden: 837.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 50% Black 23% Two or more races 21% White 14% Asian 6%
• Hispanic origin (detail): Mexican 39%
• Common ancestry: Russian 2% Danish 1% Portuguese 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 69% English-only · Spanish 27% Other Asian/Pacific 2% Tagalog/Filipino 1%

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: ▲ 0.70%
• Current HPI: 315.9916
• 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

-76.8% since first listed

19 events — show timeline

• 2026-02-23 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-12-04 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-11-20 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-09-25 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2019-04-10 Sold (Public Records) $960,000 Public Records
• 2016-03-25 Pending — MLSListings
• 2016-03-25 Sold (MLS) $695,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-03-25 Sold (MLS) $695,000 MLSListings
• 2016-03-23 Sold (Public Records) $695,000 Public Records
• 2015-10-07 Listed $708,000 MLSListings
• 2015-10-07 Listed $708,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2006-03-14 Sold (Public Records) $1,175,000 Public Records
• 2006-03-14 Sold (MLS) $1,140,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2005-10-04 Listed $1,199,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-03-02 Sold (Public Records) $860,000 Public Records
• 2002-11-22 Sold (Public Records) $489,090 Public Records
• 2001-07-11 Sold (Public Records) $460,000 Public Records
• 1989-08-29 Sold (Public Records) $305,000 Public Records
• 1983-04-20 Sold (Public Records) $4,132,210 Public Records

Property tax history

-0.1%/yr

Latest (2025): $14,435 · +9.6% YoY. Source: county tax records.