720 3rd
Dbottom 20% of multifamilyEncinitas, CA 92024Neighborhood: Old Encinitas
33 licensed short-term rentals within ½ mile (27 whole home), from the cities' license and permit lists of Nov 1, 2026.
Pass at asking: -$16,361/mo full cashflow at 20% down, 7.49% rate.
Works at $1,227,907 (63% under asking), or at 90% down.
Rent $12,300/mo: 3 units of about 879 sqft, each priced from up to 14 closed leases within 0.5 mi ($10,686–$13,860).
Beds
—
Baths
—
Sqft
2,636
Year Built
1970
Days on Market
44
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
ND26201804
This property is in Encinitas (92024). View neighborhood stats →
About This Property
First time on the market in nearly 30 years, this spacious Encinitas triplex presents an extremely rare investor or owner-user opportunity. Ideally located just one block from the beach and within walking distance of Downtown Encinitas, the property features three separate units totaling more than 2,600 square feet. Each unit has been thoughtfully upgraded or exceptionally well-maintained, featuring quality wood or tile flooring, skylights, private balconies, incredible outdoor spaces, and beautiful city views. Additional highlights include two large carports with parking for four vehicles, two dedicated laundry areas, and generous storage throughout, including a 120 square foot shed. With additional interior upgrade potential and possible ADU opportunities, the property offers meaningful long-term upside in one of North County San Diego’s most coveted coastal communities. Properties offering this combination of location, size, and versatility are incredibly difficult to find, making this an opportunity that investors and owner-users will not want to miss.
Small multifamily · 3 units
Valued on income: each unit priced from closed leases nearby, then added up. The listing says 3 units ("three separate units").
County records 2 units; the listing and its remarks say 3. Check the unit count before relying on these numbers.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~879 sqft · 14 leases within 0.5 mi | 3 | $4,100 | $12,300 |
| Gross rent, all units | $12,300/mo | ||
- Gross rent multiplier
- 22.7
- Price per unit
- $1,116,333
- NOI (a year)
- $35,630
- Cap rate
- 1.06%
Price ÷ a year's gross rent
Median $537,500 across 93 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.
Leased here recently
- 2-bed · $5,500 · Oct 2026
House hack with FHA
Live in the one unit, rent the other 2.
FHA likely won't lend on this one at this price. For 3 and 4 units it counts 75% of all the units' rent ($9,225/mo), and that has to cover the full payment ($17,169/mo). The numbers below are for reference.
- Down payment
- $1,640,600
- Your cost to live there
- $13,646/mo
- More than renting it
- $9,546/mo
49.0% · plus closing costs
After $8,200/mo from the other units
vs $4,100/mo to rent the same unit
How this is figured
- Loan $1,738,297 ($1,708,400 + 1.75% upfront mortgage insurance) at 7.24% (Freddie Mac 30-year average, week of Oct 29, 2026), 30 years: $11,846/mo
- FHA mortgage insurance $997/mo · property tax $3,349/mo · insurance $977/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $4,677/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 3 units ($1,708,400); 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
$23,041
Location
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Zoned Schools
Elementary
Paul Ecke-Central Elementary · grades K-6 · Encinitas Union Elementary
Middle
Diegueno Middle · grades 7-8 · San Dieguito Union High
High
La Costa Canyon High · grades 9-12 · San Dieguito Union High
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
3 comps foundThis Property
$12,300
Comp Average
$9,547
1034 3rd Street
1,830 sqft · Multi-Family
$2.50M
Est. $10,488/mo
215 Lolita Street
1,840 sqft · Multi-Family
$2.79M
Est. $11,380/mo
532 Hermes Avenue
3bd / 3ba · 1,487 sqft · Duplex
$2.20M
Est. $6,772/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
Short-term not available here. Encinitas allows short-term rentals only in single-family homes and duplexes. See the rules
This is a 3-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.
Investment Score
3 units of about 879 sqft, each priced from up to 14 closed leases within 0.5 mi · $10,686–$13,860
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$16,361/mo short at 20% down; 90% down or +$21,248/mo rent closes it.
- Break-even price
- $1,227,907
- Break-even rent
- $33,548/mo
- Cashflow at 35% down
- −$12,852/mo
- Down payment to break even
- 90%
- Rate to break even
- Not reachable
63% under asking
$21,248/mo above the estimate
$3,014,100 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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