3535 Madison #233
1 / 20

3535 Madison #233

Btop 30%

San Diego, CA 92116

$419,000
STR: check · no permits in this complex · TOT 12.75%

109 licensed short-term rentals within ½ mile (59 whole home), from the cities' license and permit lists of Nov 11, 2026.

No unit in this 88-unit complex holds a short-term rental license, so nothing shows its HOA allows them. Get the CC&Rs before counting on short-term income.

Pass at asking: -$1,964/mo full cashflow at 20% down, 7.43% rate.

Works at $163,221 (61% under asking), or at 88% down.

Rent $2,300/mo from 2 leases in this building.

Beds

1

Baths

1

Sqft

650

Year Built

1984

Days on Market

105

Property Type

Condo

HOA/mo

$517

MLS ID

260018383SD

This property is in San Diego (92116). View neighborhood stats →

Virtual Tour

About This Property

Move-in ready, and beautifully maintained, this top-floor 1 bed, 1 bath condo offers a bright, quiet retreat with modern finishes throughout. You'll have a spacious private front patio with storage closet, and a back patio overlooking the pool that connects to a common area walk-way. Due to its favorable location, it has only one partially shared wall and a unit below. You're just steps from the vibrant dining, coffee shops, and boutique shopping that make Normal Heights and University Heights so sought-after — with North Park's acclaimed restaurant and craft beer scene only minutes away. The building offers resort-style amenities including a community pool, hot tub, and fitness center, all set within a well-kept gated community. Easy access to public transportation makes commuting or exploring the city simple, whether you're heading downtown, to Balboa Park, or the coast. Clean, modern, and move-in ready — this is easy San Diego living in one of the city's most accessible, food-loving neighborhoods.

Mortgage Calculator

Est. Monthly Payment

$3,386

Principal & Interest$2,328
Property Tax$419
Insurance$122
HOA$517
%($83,800)
%
Loan Term

Location

Loading map...

Zoned Schools

  • Elementary

    Adams Elementary · grades K-5 · San Diego Unified

  • Middle

    Wilson Middle · grades 6-8 · San Diego Unified

  • High

    Hoover 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.

Investment Score

44B
Est. Monthly Rent
$2,300

2 leases in this building

Thin data: only 2 leases behind this number.

Monthly Cashflow

Rent − PITIA

-$1,086
Full Cashflow

Incl. vacancy, PM, maint, capex

-$1,964

What would make this work?

$1,964/mo short at 20% down; 88% down or +$2,551/mo rent closes it.

Break-even price

61% under asking

$163,221
Break-even rent

$2,551/mo above the estimate

$4,851/mo
Cashflow at 35% down
−$1,527/mo
Down payment to break even

$368,720 cash

88%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$2,328
Cap Rate
1.37%
Cash-on-Cash
-28.12%
DSCR

Need ≥ 1.25 for DSCR loan

0.68

NOI (Annual)
$5,746
Price-to-Rent

Lower = better for investors

15.2

* 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
BCashflow−$1,964/mo