
5153 Muir Avenue
Dbottom 20% of multifamilySan Diego, CA 92107
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 May 2027. It doesn’t transfer: a buyer applies for their own.
308 licensed short-term rentals within ½ mile (269 whole home), from the cities' license and permit lists of Nov 3, 2026.
Pass at asking: -$20,622/mo full cashflow at 20% down, 7.49% rate.
Works at $925,397 (74% under asking); even all cash loses money at asking.
Rent $9,270/mo: 2 units of about 1,685 sqft, each priced from up to 17 closed leases within 1 mi ($8,434–$11,374).
Beds
—
Baths
—
Sqft
3,370
Year Built
1975
Days on Market
45
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
PTP2607108
This property is in San Diego (92107). View neighborhood stats →
About This Property
RARE OCEAN BEACH INVESTMENT OPPORTUNITY — TWO DETACHED RESIDENCES JUST 1/2 BLOCK FROM THE SAND WITH PRIOR CITY APPROVAL FOR CONDOMINIUM CONVERSION. An exceptional opportunity to own two substantial detached coastal residences on one parcel, offering approximately 3,370 sq. ft. of reported living area PLUS an additional approximately 1,000 sq. ft. attic/bonus area at 5153 Muir that is not included in the reported square footage. The property also features an extraordinary 10 on-site parking spaces, a 6,165 sq. ft. parcel plus an additional approximately 3,000 sq. ft. easement area, ocean views and tremendous flexibility for owner-users, investors or multi-generational living. 5153 Muir — Front Residence: Charming Craftsman-style 3-bedroom, 2-bath home with wood floors, quartzite countertops, inviting covered front porch, gated yard and outdoor entertaining space. One of the home’s most unique features is the approximately 1,000 sq. ft. attic/bonus area, which is not included in the reported 3,370 sq. ft. living area and provides exceptional additional space for storage, office, studio, recreation or other bonus use. Buyer to independently verify square footage, permitted use and improvements. 5155 Muir — Rear Residence: Impressive detached 3-bedroom, 3.5-bath residence positioned above the garages with ocean views and a spacious, contemporary layout. Multiple outdoor areas take advantage of the coastal setting, creating a private residence that feels distinct and separate from the front home. Parking is exceptionally rare for this close to the beach, with approximately 10 on-site parking spaces, including garage, carport, driveway and additional off-street parking areas. The property’s configuration, generous usable site area and separate residences create possibilities rarely found this close to the ocean. The City of San Diego previously approved a Coastal Development Permit and Tentative Map Waiver for conversion of the two existing residences into two condominiums. This prior approval may provide a compelling opportunity for a buyer interested in pursuing condominium conversion or a future separate-sale strategy; however, prior approvals may have expired or require additional processing. **Buyer to independently investigate and verify with the City of San Diego all current requirements, approvals, permits, subdivision possibilities, condominium-conversion status, square footage and allowable uses. Located in the heart of Ocean Beach just moments from the sand, surf, restaurants, shops and neighborhood amenities. Whether held as a coastal income property, multi-generational compound, owner-occupied residence with additional income, or explored for its future development and separate-sale potential, 5153–5155 Muir Avenue offers a combination of location, parking, flexibility and scale that is extremely difficult to replicate in Ocean Beach.
Small multifamily · 2 units
Valued on income: each unit priced from closed leases nearby, then added up. County records: 2 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~1,685 sqft · 17 leases within 1 mi | 2 | $4,635 | $9,270 |
| Gross rent, all units | $9,270/mo | ||
- Gross rent multiplier
- 32.4
- Price per unit
- $1,799,500
- NOI (a year)
- -$561
- Cap rate
- -0.02%
Price ÷ a year's gross rent
Median $800,000 across 9 listed 2–4 unit buildings in 92107
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
- $2,185,650
- Your cost to live there
- $14,704/mo
- More than renting it
- $10,069/mo
60.7% · plus closing costs
After $4,635/mo from the other unit
vs $4,635/mo to rent the same unit
How this is figured
- Loan $1,438,084 ($1,413,350 + 1.75% upfront mortgage insurance) at 7.24% (Freddie Mac 30-year average, week of Oct 29, 2026), 30 years: $9,801/mo
- FHA mortgage insurance $824/mo · property tax $3,599/mo · insurance $1,050/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $4,065/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 2 units ($1,413,350); 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
$24,761
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.
Comparable Properties
2 comps foundThis Property
$9,270
Comp Average
$9,769
4474 Cape May Avenue
2,428 sqft · Multi-Family
$2.50M
Est. $9,597/mo
4769 Del Mar Avenue
3,133 sqft · Multi-Family
$3.25M
Est. $9,940/mo
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 1,685 sqft, each priced from up to 17 closed leases within 1 mi · $8,434–$11,374
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$20,622/mo short at 20% down; +$26,782/mo rent closes it.
- Break-even price
- $925,397
- Break-even rent
- $36,052/mo
- Cashflow at 35% down
- −$16,851/mo
- Down payment to break even
- Not reachable
- Rate to break even
- Not reachable
74% under asking
$26,782/mo above the estimate
Negative even all-cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* 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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