5024 54th Street
Dbottom 20% of multifamilySan Diego, CA 92115
One license per person in San Diego: whether you can hold it depends on you, not only the home.
21 licensed short-term rentals within ½ mile (13 whole home), from the cities' license and permit lists of Nov 13, 2026.
Pass at asking: -$8,448/mo full cashflow at 20% down, 7.36% rate.
Works at $694,557 (61% under asking), or at 89% down.
Rent $6,894/mo: 2 units of about 1,500 sqft, each priced from up to 25 closed leases within 0.5 mi ($6,536–$7,964).
Beds
—
Baths
—
Sqft
3,000
Year Built
1958
Days on Market
1
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
PTP2608246
This property is in San Diego (92115). View neighborhood stats →
About This Property
** Two homes on one lot** Exceptional Investment Opportunity Near SDSU! Discover an incredible income-producing multifamily property at 5024–5026 54th Street, ideally located just moments from San Diego State University. Offering a total of 10 bedrooms and 5 bathrooms across two separate units, this property presents an outstanding opportunity for investors, owner-occupants, or those seeking a strong rental portfolio. The front residence features a spacious 6-bedroom, 3-bathroom layout, while the rear residence offers an additional 4 bedrooms and 2 bathrooms. The rear unit was newly built in 2024 and is fully permitted, providing modern construction and additional income potential. Both units are fully powered by paid-off solar systems, offering energy efficiency and helping minimize ongoing utility expenses. With combined rental income averaging approximately $11,000 per month, this property offers an attractive income stream in a highly desirable rental market. Conveniently located near SDSU, shopping, dining, transportation, and major freeways, this is a rare opportunity to own a versatile, income-generating property in one of San Diego's sought-after rental locations. Whether you're looking to expand your investment portfolio or live in one unit while generating income from the other, this property offers incredible flexibility and potential!
House + ADU · 2 units
Valued on income: each unit priced from closed leases nearby, then added up. County records a single-family parcel with an ADU; the listing says 2 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~1,500 sqft · 25 leases within 0.5 mi | 2 | $3,447 | $6,894 |
| Gross rent, all units | $6,894/mo | ||
- Gross rent multiplier
- 21.8
- Price per unit
- $900,000
- NOI (a year)
- $21,937
- Cap rate
- 1.22%
Price ÷ a year's gross rent
Median $525,000 across 90 listed 2–4 unit buildings in San Diego County
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
- $695,999
- Your cost to live there
- $9,371/mo
- More than renting it
- $5,924/mo
38.7% · plus closing costs
After $3,447/mo from the other unit
vs $3,447/mo to rent the same unit
How this is figured
- Loan $1,123,320 ($1,104,000 + 1.75% upfront mortgage insurance) at 7.11% (Freddie Mac 30-year average, week of Nov 12, 2026), 30 years: $7,557/mo
- FHA mortgage insurance $644/mo · property tax $1,800/mo · insurance $525/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $2,293/mo
- FHA counts a house with one ADU as a one-unit home: 3.5% down when you live there, up to HUD's 2026 San Diego County one-unit limit ($1,104,000); 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
$12,256
Location
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Zoned Schools
Elementary
Hardy Elementary · grades K-5 · San Diego Unified
Middle
Lewis Middle · grades 6-8 · San Diego Unified
High
Henry 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
1 comp foundThis Property
$6,894
Comp Average
$6,702
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 1,500 sqft, each priced from up to 25 closed leases within 0.5 mi · $6,536–$7,964
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$8,448/mo short at 20% down; 89% down or +$10,971/mo rent closes it.
- Break-even price
- $694,557
- Break-even rent
- $17,865/mo
- Cashflow at 35% down
- −$6,586/mo
- Down payment to break even
- 89%
- Rate to break even
- Not reachable
61% under asking
$10,971/mo above the estimate
$1,601,999 cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* 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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