4738 40 Del Mar

4738 40 Del Mar

Ctop 80%

San Diego, CA 92107

$1,998,000
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.

This parcel holds a short-term rental license: Tier 3 (whole home), through Apr 2027. It doesn’t transfer: a buyer applies for their own.

208 licensed short-term rentals within ½ mile (160 whole home), from the cities' license and permit lists of Nov 14, 2026.

Pass at asking: -$10,869/mo full cashflow at 20% down, 7.36% rate.

Works at $575,813 (71% under asking), or at 99% down.

Rent $5,715/mo from 9 leases of 3–5 bed houses within 1 mi ($5,526–$5,790).

Beds

4

Baths

2

Sqft

1,483

Year Built

1960

Days on Market

—

Property Type

Single Family

HOA/mo

N/A

MLS ID

260027103SD

This property is in San Diego (92107). View neighborhood stats →

About This Property

Where South Ocean Beach meets Sunset Cliffs lies this picture perfect 2-on-1 cottage duplex full of vintage coastal charm on a spacious ~7,000 square foot lot. Set back and elevated above the street, up a pathway surrounded by various plants and drought-tolerant landscaping, you'll find two individual 2-bed / 1-bath homes. The front home, a 1930s Craftsman design offers peek ocean views, a recently remodeled bathroom, and a colorful tiled kitchen. The rear home, built in the 50s, features original tiles & fixtures in the kitchen and bathroom, as well as its own private backyard. Each home is about 750 sqft. and offers hardwood flooring, wonderful natural light with plenty of windows, and various outdoor spaces for relaxation, gardening or entertaining. A one-car garage is accessible from the rear alley. This is an incredible opportunity to purchase a home to live in while renting out the other, lease both as an investment property or continue the success the current owner has had as a vacation rental property.

Mortgage Calculator

Est. Monthly Payment

$13,604

Principal & Interest$11,023
Property Tax$1,998
Insurance$583
%($399,600)
%
Loan Term

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.

Investment Score

3C
Est. Monthly Rent
$5,715

9 leases of 3–5 bed houses within 1 mi · $5,526–$5,790

Monthly Cashflow

Rent − PITIA

-$7,889
Full Cashflow

Incl. vacancy, PM, maint, capex

-$10,869

What would make this work?

$10,869/mo short at 20% down; 99% down or +$14,115/mo rent closes it.

Break-even price

71% under asking

$575,813
Break-even rent

$14,115/mo above the estimate

$19,830/mo
Cashflow at 35% down
−$8,802/mo
Down payment to break even

$1,978,020 cash

99%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$11,023
Cap Rate
0.26%
Cash-on-Cash
-32.64%
DSCR

Need ≥ 1.25 for DSCR loan

0.42

NOI (Annual)
$5,284
Price-to-Rent

Lower = better for investors

29.1

* Modelled at 20% down, 7.36% 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−$10,869/mo