4536 Arizona #2
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4536 Arizona #2

Ctop 80%

San Diego, CA 92116

$799,000
STR-eligible · San Diego Tier 3 · TOT 12.75%

One license per person in San Diego: whether you can hold it depends on you, not only the home.

107 licensed short-term rentals within ½ mile (73 whole home), from the cities' license and permit lists of Nov 1, 2026.

1 short-term rental license on file in this 4-unit complex, so its HOA has allowed them. Confirm in the CC&Rs: an HOA can ban stays under 30 days (Civ. Code §4741).

Pass at asking: -$3,463/mo full cashflow at 20% down, 7.49% rate.

Works at $350,100 (56% under asking), or at 83% down.

Rent $3,877/mo from 9 leases of 2–4 bed condos & townhomes within 1 mi, same school area ($3,538–$4,306).

Beds

3

Baths

3

Sqft

1,313

Year Built

1992

Days on Market

136

Property Type

Condo

HOA/mo

$285

MLS ID

260014317SD

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

Virtual Tour

About This Property

NEW PRICE — $799,000! If you've been waiting for a University Heights townhome to become more attainable, this is the opportunity to see. This 1,313 SF 3BR/3BA two-story home delivers an unusually complete package for central San Diego: Koa hardwood flooring, new kitchen with shaker cabinetry and Calacatta Gold quartz, three bathrooms, a private fenced patio, 2-car tandem garage and additional driveway parking. The flexible floor plan includes a bedroom and full bath on the main level, while the upstairs offers two additional bedrooms with en-suite baths. Located in the heart of University Heights with convenient access to North Park, Hillcrest, Balboa Park, restaurants, cafes and neighborhood amenities. Now offered at $799,000—schedule your private showing and come see whether this is the University Heights home you've been waiting for. Discover the perfect blend of modern sophistication and central San Diego living in this beautifully renovated two-story townhome in the heart of University Heights. This move-in ready residence has undergone a comprehensive interior renovation, showcasing premium finishes and thoughtful upgrades that elevate everyday living. Upon entering, you are greeted by warm Koa hardwood floors that flow throughout the main level, creating a bright and welcoming atmosphere. The walls are freshly painted in Sherwin-Williams Alabaster, a soft, versatile white that enhances natural light. New recessed LED lighting, updated electrical outlets and switches, modern door hardware, and contemporary fixtures throughout ensure both style and functionality. The spacious living room features a large window that fills the space with sunshine and a cozy gas fireplace, ideal for relaxing evenings or entertaining guests. This area flows seamlessly into the brand-new gourmet kitchen, a true centerpiece of the home. Custom shaker-style cabinets finished in a satin Sherwin-Williams Accessible Beige offer timeless elegance and ample storage. Luxurious Calacatta Gold quartz countertops provide durable, high-end workspace, complemented by a large stainless steel farm sink, matte black hardware, and matching stainless steel appliances. Whether preparing daily meals or hosting friends, this kitchen makes every moment enjoyable. Adjacent to the kitchen, the dining area includes a stylish walnut ceiling fan and a large glass door that opens to a private, spacious, fully fenced patio. This outdoor oasis is perfect for morning coffee, al fresco dining, weekend barbecues, or simply unwinding in your own secluded space. A ground-level bedroom offers flexibility as a guest room, home office, or main-level retreat, with a large slider providing direct access to the patio. Nearby, the full bathroom features elegant slate tile flooring and shower for a spa-like experience. Upstairs, you will find two matching primary suites, each with its own private bathroom. These generous retreats include new porcelain tile floors, ample closet space, and large windows—one facing east for gentle morning light and the other west for beautiful evening glow. New bathroom vanity hardware, mirrors, and lighting complete the luxurious feel. Between the suites, a convenient laundry closet houses a full-size side-by-side washer and dryer with room for additional shelving and storage. Freshly installed carpet upstairs adds comfort and a clean, updated look. Parking is convenient and plentiful with a 2-car tandem garage plus an additional driveway space— a significant advantage in this popular central neighborhood. The home is situated in a small, charming complex that offers a sense of community while maintaining privacy. University Heights is one of San Diego’s most desirable central neighborhoods, known for its walkability, tree-lined streets, and vibrant community spirit. Located adjacent to North Park to the south, Hillcrest to the west, and Mission Valley to the north, this home provides effortless access to some of the city’s best amenities. Stroll t...

Mortgage Calculator

Est. Monthly Payment

$5,782

Principal & Interest$4,465
Property Tax$799
Insurance$233
HOA$285
%($159,800)
%
Loan Term

Location

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Zoned Schools

  • Elementary

    Garfield Elementary · grades PK-5 · San Diego Unified

  • Middle

    Roosevelt International Middle · grades 6-8 · San Diego Unified

  • High

    San Diego 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

33C
Est. Monthly Rent
$3,877

9 leases of 2–4 bed condos & townhomes within 1 mi, same school area · $3,538–$4,306

Blended 50/50 with a property-level estimate

Monthly Cashflow

Rent − PITIA

-$1,905
Full Cashflow

Incl. vacancy, PM, maint, capex

-$3,463

What would make this work?

$3,463/mo short at 20% down; 83% down or +$4,497/mo rent closes it.

Break-even price

56% under asking

$350,100
Break-even rent

$4,497/mo above the estimate

$8,374/mo
Cashflow at 35% down
−$2,625/mo
Down payment to break even

$663,170 cash

83%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$4,465
Cap Rate
1.80%
Cash-on-Cash
-26.00%
DSCR

Need ≥ 1.25 for DSCR loan

0.67

NOI (Annual)
$14,356
Price-to-Rent

Lower = better for investors

17.2

* 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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CCashflow−$3,463/mo