4414 37th St · San Diego, CA 92116

$2,500,000

13 bd · 9.0 ba · 5,740 sqft · MultiFamily public records · 44 Days on market

Built 1969 5,891 sqft lot Est $2066k · 21% over

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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 +20.1/30.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 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 9-unit apartment building located in desirable Normal Heights, a highly sought-after central neighborhood in San Diego. The property features a strong unit mix of four 2-bedroom/1-bath units and five 1-bedroom/1-bath units, each with one dedicated parking space. All units are fully leased, providing immediate and stable cash flow, with rental upside potential for increased returns. The property has been well maintained, with a roof replacement in the last year. All units have been renovated with updated interiors. Excellent walkable location making it highly attractive to tenants seeking convenience, dining, shopping, and transit access. A solid investment opportunity offering both

Key facts

• Fully leased
• Updated interiors
• Walkable location

Tags

• 9 UNIT APARTMENT BUILDING
• DEDICATED PARKING SPACE
• FULLY LEASED
• UPDATED INTERIORS
• WALKABLE LOCATION
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 9 × 3-bed/2.3-bath units multifamily listed at $2.50M.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $345/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $2.50M).
• Recommended offer: $2.42M (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 (+1.9%/yr); 119 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 $25,327/mo this rent would consume 310% of the median local household income ($98k/yr) (locally 2385% 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 $17k of loan paydown is wiped out by about $75k 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 44 days — a 3% lower offer ($2.42M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $350k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $2,425,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1969 — 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 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?
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. 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?
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: 1.01% ✓
• Cap rate: 7.78%
• Cash-on-cash: 5.32%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $2,066,400
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4170 37th St	0.32mi	12/9.0 (-1)	6,062 (+6%)	20mo	$2,180,000	$360	54
4045 Cherokee Ave	0.48mi	12/9.0 (-1)	6,000 (+4%)	15mo	$2,025,000	$338	53
4580 33rd St	0.61mi	14/8.0 (+1)	5,414 (-6%)	3mo	$2,500,000	$462	51
4053 Wilson Ave	0.50mi	12/16.0 (-1)	6,336 (+10%)	6mo	$2,245,879	$354	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.92% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.67×
• Total profit: $-234,469
• Equity at exit: $372,758

10-year hold

• IRR: -1.3%
• Equity multiple: 0.92×
• Total profit: $-58,292
• Equity at exit: $216,154

Cash invested: $700,000 (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 92116

• Rents YoY: 1.9%
• Active inventory: 119
• Price-to-rent: 74.0×

Monthly cashflow live

• Estimated rent: $25,327 high
• Mortgage (P&I): −$13,110
• Tax from tax record: −$2,752 /mo · $33,025/yr
• Insurance: −$1,042
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,319
• Net cashflow: $3,104

Break-even live

Break-even rent $21,397

Max offer price $2,500,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 9× units	3	2.3	$25,326
Total (9 units)			$25,327

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: $625,000
• Closing costs: $75,000
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-17
   status Pending
2. 2026-04-06
   price $2,500,000
3. 2026-03-04
   listed $2,850,000 Active
4. 2024-06-12
   historical $1,800
5. 2024-05-30
   price $1,800
6. 2024-05-21
   price $1,820
7. 2024-05-10
   price $1,845
8. 2024-05-04
   listed $1,895
9. 2017-07-25
   soldstatus $2,315,000
10. 2016-08-19
    soldstatus $1,850,000
11. 2014-05-22
    soldstatus $1,725,100
12. 2013-02-21
    soldstatus $1,128,000
13. 2010-05-03
    soldstatus $147,500

ⓘ 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: $33,025 · $2,752/mo
• Projected year-2 tax: $33,025 · $2,752/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 4/10 Moderate 7 d/yr ≥89°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $303,924
• − Mortgage interest: −$140,039
• − Property taxes: −$33,025
• − Insurance: −$12,500
• − Repairs & maintenance: −$24,314
• − Management: −$24,314
• − Depreciation: −$72,727
• Taxable loss: −$2,995
• Est. tax savings @ 24.0%: +$719
• After-tax cash flow: $37,971/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): 31,843
• Household income: $98,154
• Rent vs Own: 67.6% rent · 32.4% own
• Severe rent burden: 2385.0

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 54% Hispanic / Latino 30% Two or more races 17% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Romanian 3% Lithuanian 2% Portuguese 2%
• Foreign-born: 15% · Canada, South Korea, China
• Languages at home: 72% English-only · Spanish 21% Other Indo-European 2% Other Asian/Pacific 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: ▼ -863.79%
• Current HPI: 378.6597
• Rent YoY: ▲ 1.92%
• 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

+1594.9% since first listed

13 events — show timeline

• 2026-04-17 Pending — SDMLS
• 2026-04-06 Price Changed $2,500,000 SDMLS
• 2026-03-04 Listed $2,850,000 SDMLS
• 2024-06-12 Rental Removed $1,800 APPFOLIO
• 2024-05-30 Price Changed $1,800 APPFOLIO
• 2024-05-21 Price Changed $1,820 APPFOLIO
• 2024-05-10 Price Changed $1,845 APPFOLIO
• 2024-05-04 Listed for Rent $1,895 APPFOLIO
• 2017-07-25 Sold (Public Records) $2,315,000 Public Records
• 2016-08-19 Sold (Public Records) $1,850,000 Public Records
• 2014-05-22 Sold (Public Records) $1,725,100 Public Records
• 2013-02-21 Sold (Public Records) $1,128,000 Public Records
• 2010-05-03 Sold (Public Records) $147,500 Public Records

Property tax history

+18.0%/yr

Latest (2025): $33,025 · +3.9% YoY. Source: county tax records.