1221 Florida Street
Ctop 80% of multifamilyImperial Beach, CA 91932
Pass at asking: -$6,231/mo full cashflow at 20% down, 7.43% rate.
Works at $713,737 (53% under asking), or at 79% down.
Rent $7,119/mo: 3 × 2-bed units, each priced from up to 10 closed leases within 0.5 mi ($6,666–$8,514).
Beds
—
Baths
—
Sqft
2,574
Year Built
1970
Days on Market
95
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
CV26171205
This property is in Imperial Beach (91932). Browse neighborhood analytics →
About This Property
Excellent investment opportunity in Imperial Beach! This triplex offers strong income potential with significant upside for an investor looking to increase rents and potentially add additional units. Current rents are below market, providing an opportunity to improve future cash flow, while the expansive yard may offer potential for additional units or ADU development, subject to City approval and applicable zoning requirements.The property consists of three individual units, each featuring a functional floor plan with a living room, dining area, kitchen, two bedrooms, and one bathroom. Each unit also includes its own private storage space.Parking is abundant, with each unit having two designated off-street parking spaces conveniently accessible from the rear alley.Ideally located near Oneonta Elementary School, the Imperial Beach Pier, beaches, shopping, dining, and convenient access to Interstate 5. Whether you're looking to expand your investment portfolio, improve existing rents, or explore future development opportunities, this property offers tremendous potential in a highly desirable Southern California coastal community. A must-see opportunity!
Small multifamily · 3 units
Valued on income: each unit priced from closed leases nearby, then added up. County records: 3 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| 2-bed~858 sqft · 10 leases within 0.5 mi | 3 | $2,373 | $7,119 |
| Gross rent, all units | $7,119/mo | ||
- Gross rent multiplier
- 17.9
- Price per unit
- $508,333
- NOI (a year)
- $31,161
- Cap rate
- 2.04%
Price ÷ a year's gross rent
Median $525,000 across 6 listed 2–4 unit buildings in 91932
Default vacancy, management, upkeep, tax, insurance
Its grade compares it with other multifamily listings only: a building valued on income isn't ranked against houses and condos.
House hack with FHA
Live in the 2-bed unit, rent the other 2.
FHA likely won't lend on this one at this price. For 3 and 4 units it counts 75% of all the units' rent ($5,339/mo), and that has to cover the full payment ($13,034/mo). The numbers below are for reference.
- Down payment
- $53,375
- Your cost to live there
- $10,650/mo
- More than renting it
- $8,277/mo
3.5% · plus closing costs
After $4,746/mo from the other units
vs $2,373/mo to rent the same unit
How this is figured
- Loan $1,497,378 ($1,471,625 + 1.75% upfront mortgage insurance) at 7.18% (Freddie Mac 30-year average, week of Nov 5, 2026), 30 years: $10,144/mo
- FHA mortgage insurance $920/mo · property tax $1,525/mo · insurance $445/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $2,362/mo
- FHA allows 3.5% down on 2–4 units when you live in one, up to HUD's 2026 San Diego County limit for 3 units ($1,708,400). Lenders count only part of the other units' rent toward qualifying.
Compare other buildings on the small multifamily page.
Mortgage Calculator
Est. Monthly Payment
$10,442
Location
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Zoned Schools
Elementary
Oneonta Elementary · grades K-6 · South Bay Union
Middle
Mar Vista Academy · grades 7-8 · Sweetwater Union High
High
Mar Vista Senior High · grades 9-12 · Sweetwater Union High
The district's assigned schools for this parcel, from its attendance boundaries and rules. Boundaries change: confirm with the district before you buy.
Comparable Properties
5 comps foundThis Property
$7,119
Comp Average
$5,675
766 Delaware St
· Multi-Family
$1.02M
Est. $5,168/mo
770 Delaware St
· Multi-Family
$1.50M
Est. $8,586/mo
1212 13th Street
1,536 sqft · Multi-Family
$1.05M
Est. $4,490/mo
1204 13th Street
1,536 sqft · Multi-Family
$1.05M
Est. $4,490/mo
464 7th Street
1,716 sqft · Multi-Family
$1.32M
Est. $5,642/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
This is a 3-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.
Investment Score
3 × 2-bed units, each priced from up to 10 closed leases within 0.5 mi · $6,666–$8,514
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$6,231/mo short at 20% down; 79% down or +$8,092/mo rent closes it.
- Break-even price
- $713,737
- Break-even rent
- $15,211/mo
- Cashflow at 35% down
- −$4,643/mo
- Down payment to break even
- 79%
- Rate to break even
- Not reachable
53% under asking
$8,092/mo above the estimate
$1,204,750 cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* Modelled at 20% down, 7.43% rate, 30yr · vacancy 8% · PM 10% · capex 5% · maintenance 1%/yr.
Estimates only. Not financial advice. Verify all figures independently with a licensed professional before making any investment decision.
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