249 Del Mar Avenue #201
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249 Del Mar Avenue #201

Ctop 80% of multifamily

Chula Vista, CA 91910

$1,789,000

Pass at asking: -$7,081/mo full cashflow at 20% down, 7.43% rate.

Works at $867,092 (52% under asking), or at 77% down.

Rent $8,649/mo: 3 units of about 1,065 sqft, each priced from up to 17 closed leases within 1 mi ($7,986–$9,129).

Beds

—

Baths

—

Sqft

3,195

Year Built

2015

Days on Market

96

Property Type

Multi-Family

HOA/mo

N/A

MLS ID

PTP2605975

This property is in Chula Vista (91910). Browse neighborhood analytics →

Virtual Tour

About This Property

Rare three-unit opportunity in the heart of Chula Vista, prominently situated on the corner of Del Mar Avenue and Davidson Street, just two blocks from Third Avenue. Built in 2015 and recognized through the City of Chula Vista’s Ribbons & Shovels Awards, this beautifully maintained property stands apart with Craftsman-inspired architecture, mature water saving landscaping, covered balconies, stone accents, and thoughtful design throughout. The property includes two 3-bedroom residences with large 2-car garages and one 2-bedroom residence with a 1-car garage and additional off-street parking. Each residence features air conditioning, wood flooring, crown molding, upgraded trim, custom cabinetry, stainless-steel appliances, and a front-loading stackable washer and dryer. 249 Del Mar offers 3 bedrooms, 2.5 bathrooms, a private balcony, and an attached 2-car garage. Its custom kitchen features distressed-finish cabinetry, granite countertops, a decorative backsplash, and a breakfast bar. 241 Davidson #201 offers 3 bedrooms, 2 bathrooms, a covered balcony, a 2-car garage, and single-level living above the garages. Highlights include a custom kitchen, rich wood cabinetry, granite countertops, and a separate dining area with built-in cabinets. 241 Davidson #101 offers 2 bedrooms, each with its own bathroom, a generously sized custom kitchen, an efficient living area, wood flooring, a front balcony accessed from one bedroom, a 1-car garage, and parking for two additional vehicles. Enjoy Downtown Chula Vista living just two blocks from Third Avenue’s restaurants, coffee shops, bakeries, breweries, local businesses, community events, and Sunday farmers market. The Chula Vista Marina and Bayfront are also nearby, offering waterfront parks, shoreline walks, boating, fishing, and scenic views across San Diego Bay. **Pictures of 249 Del Mar and unit #201 were taken before tenants occupancy. Exterior pictures are current and some when built.**

Small multifamily · 3 units

Valued on income: each unit priced from closed leases nearby, then added up. County records: 3 units.

UnitUnitsRent eachSubtotal
Average unit~1,065 sqft · 17 leases within 1 mi3$2,883$8,649
Gross rent, all units$8,649/mo
Gross rent multiplier
17.2

Price ÷ a year's gross rent

Price per unit
$596,333

Median $525,000 across 96 listed 2–4 unit buildings in San Diego County

NOI (a year)
$39,484

Default vacancy, management, upkeep, tax, insurance

Cap rate
2.21%

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 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 ($6,487/mo), and that has to cover the full payment ($15,155/mo). The numbers below are for reference.

Down payment
$80,600

4.5% · plus closing costs

Your cost to live there
$12,206/mo

After $5,766/mo from the other units

More than renting it
$9,323/mo

vs $2,883/mo to rent the same unit

How this is figured
  • Loan $1,738,297 ($1,708,400 + 1.75% upfront mortgage insurance) at 7.18% (Freddie Mac 30-year average, week of Nov 5, 2026), 30 years: $11,776/mo
  • FHA mortgage insurance $1,068/mo · property tax $1,789/mo · insurance $522/mo
  • Vacancy, management and capex on the rented units, upkeep on the building: $2,817/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); 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

$12,249

Principal & Interest$9,939
Property Tax$1,789
Insurance$522
%($357,800)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Rosebank Elementary · grades K-6 · Chula Vista Elementary

  • Middle

    Hilltop Middle · grades 7-8 · Sweetwater Union High

  • High

    Hilltop 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

1 comp found

This Property

$8,649

vs

Comp Average

$9,435

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

23C
Est. Monthly Rent
$8,649

3 units of about 1,065 sqft, each priced from up to 17 closed leases within 1 mi · $7,986–$9,129

Monthly Cashflow

Rent − PITIA

-$3,601
Full Cashflow

Incl. vacancy, PM, maint, capex

-$7,081

What would make this work?

$7,081/mo short at 20% down; 77% down or +$9,196/mo rent closes it.

Break-even price

52% under asking

$867,092
Break-even rent

$9,196/mo above the estimate

$17,845/mo
Cashflow at 35% down
−$5,217/mo
Down payment to break even

$1,377,530 cash

77%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$9,939
Cap Rate
2.21%
Cash-on-Cash
-23.75%
DSCR

Need ≥ 1.25 for DSCR loan

0.71

NOI (Annual)
$39,484
Price-to-Rent

Lower = better for investors

17.2

* 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.

Open Full Calculator
CCashflow−$7,081/mo