1817 Sunset Cliffs Blvd
Dbottom 20% of multifamilySan Diego, CA 92107
One license per person in San Diego: whether you can hold it depends on you, not only the home.
This parcel holds a short-term rental license: Tier 3 (whole home), through Mar 2028. It doesn’t transfer: a buyer applies for their own.
333 licensed short-term rentals within ½ mile (264 whole home), from the cities' license and permit lists of Nov 3, 2026.
The listing remarks say short-term rentals are allowed: “Buyer is advised to independently verify zoning, permitted uses, short-term rental requirements, income history, and all other matters affecting the property…” That's the agent's claim, not the city’s rule.
Pass at asking: -$9,046/mo full cashflow at 20% down, 7.49% rate.
Works at $577,255 (67% under asking), or at 94% down.
Rent $5,782/mo: 2 units of about 508 sqft, each priced from up to 9 closed leases within 0.5 mi ($5,212–$6,602).
Beds
—
Baths
—
Sqft
1,016
Year Built
1918
Days on Market
45
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
PTP2607105
This property is in San Diego (92107). View neighborhood stats →
About This Property
Listing Description: Prime Ocean Beach location featuring two separate units with a history of short-term rental use. Historical gross income information provided covers the period from January 1, 2025 through July 31, 2026. Historical income is provided for informational purposes only and is not a representation or guarantee of future income. The front unit, 1819, located closest to Sunset Cliffs Boulevard, features 2 bedrooms and 2 bathrooms. The rear unit, 1817, is a studio featuring a bed, kitchen,sofa sleeper, and 1 bathroom. Both units include stackable washer/dryers, air conditioning, and internet service as well as separate fenced yard that are great for tenants dogs! Conveniently located near Ocean Beach shops, dining, and coastal access. The property is reported to have commercial zoning, which may provide flexibility for future use subject to applicable zoning regulations, permits, licensing requirements, and governmental approvals. Buyer is advised to independently verify zoning, permitted uses, short-term rental requirements, income history, and all other matters affecting the property's intended use. Zoning information and related materials are available for review. The properties, with detailed information can be seen on Airbnb.com for properties in Ocean Beach, California.
Small multifamily · 2 units
Valued on income: each unit priced from closed leases nearby, then added up. County records: 2 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~508 sqft · 9 leases within 0.5 mi | 2 | $2,891 | $5,782 |
| Gross rent, all units | $5,782/mo | ||
- Gross rent multiplier
- 25.2
- Price per unit
- $875,000
- NOI (a year)
- $12,275
- Cap rate
- 0.70%
Price ÷ a year's gross rent
Median $800,000 across 9 listed 2–4 unit buildings in 92107
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 one unit, rent the other 1.
- Down payment
- $336,650
- Your cost to live there
- $12,117/mo
- More than renting it
- $9,226/mo
19.2% · plus closing costs
After $2,891/mo from the other unit
vs $2,891/mo to rent the same unit
How this is figured
- Loan $1,438,084 ($1,413,350 + 1.75% upfront mortgage insurance) at 7.24% (Freddie Mac 30-year average, week of Oct 29, 2026), 30 years: $9,801/mo
- FHA mortgage insurance $824/mo · property tax $1,750/mo · insurance $510/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $2,123/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 2 units ($1,413,350); this price is above it, so the down payment covers the difference. Lenders count only part of the other units' rent toward qualifying.
Compare other buildings on the small multifamily page.
Mortgage Calculator
Est. Monthly Payment
$12,040
Location
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Zoned Schools
Elementary
Ocean Beach Elementary · grades PK-4 · San Diego Unified
Middle
Correia Middle · grades 7-8 · San Diego Unified
High
Point Loma High · grades 9-12 · San Diego Unified
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
2 comps foundThis Property
$5,782
Comp Average
$6,665
5150 Muir
1,200 sqft · Multi-Family
$1.34M
Est. $6,376/mo
5142 Muir
1,350 sqft · Multi-Family
$1.48M
Est. $6,954/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
This is a 2-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.
Investment Score
2 units of about 508 sqft, each priced from up to 9 closed leases within 0.5 mi · $5,212–$6,602
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$9,046/mo short at 20% down; 94% down or +$11,748/mo rent closes it.
- Break-even price
- $577,255
- Break-even rent
- $17,530/mo
- Cashflow at 35% down
- −$7,212/mo
- Down payment to break even
- 94%
- Rate to break even
- Not reachable
67% under asking
$11,748/mo above the estimate
$1,645,000 cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* Modelled at 20% down, 7.49% 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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