728 Jamaica Court
Dbottom 20% of multifamilySan Diego, CA 92109
This parcel holds a short-term rental license: Tier 4 (whole home, Mission Beach), through Apr 2027. It doesn’t transfer: a buyer applies for their own.
521 licensed short-term rentals within ½ mile (441 whole home), from the cities' license and permit lists of Nov 10, 2026.
Pass at asking: -$14,581/mo full cashflow at 20% down, 7.43% rate.
Works at $1,100,600 (63% under asking), or at 91% down.
Rent $10,978/mo: 2 units of about 1,193 sqft, each priced from up to 12 closed leases within 1 mi ($10,220–$11,670).
Beds
—
Baths
—
Sqft
—
Year Built
1995
Days on Market
90
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
PTP2606117
This property is in San Diego (92109). View neighborhood stats →
About This Property
Exceptional Mission Beach investment opportunity! Zoned R-4, this ocean-view property features two homes on one parcel with no HOA and the potential to add additional units (buyer to verify with the City). Located just five homes from the beach, it offers the perfect blend of coastal living, flexibility, and income potential. The main residence features 3 bedrooms plus an optional 4th bedroom, 2.5 bathrooms, and over 1,900 square feet with vaulted wood-beam ceilings, abundant natural light, a spacious loft, two fireplaces, an attached two-car garage, and multiple outdoor spaces including a fenced patio, two decks, and two balconies with ocean views, sea breezes, and SeaWorld fireworks. The private 1-bedroom, 1-bath unit has its own entrance, balcony, granite countertops, stainless steel appliances, and washer/dryer hookups, ideal for rental income, guests, extended family or home office. Walk to the beach, Mission Bay, restaurants, shops, and Belmont Park. A rare opportunity to enjoy the property as your own beach retreat, generate rental income, or invest in future development potential.
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~1,193 sqft · 12 leases within 1 mi | 2 | $5,489 | $10,978 |
| Gross rent, all units | $10,978/mo | ||
- Gross rent multiplier
- 22.8
- Price per unit
- $1,499,500
- NOI (a year)
- $31,546
- Cap rate
- 1.05%
Price ÷ a year's gross rent
Median $525,000 across 89 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
- $1,585,650
- Your cost to live there
- $12,713/mo
- More than renting it
- $7,224/mo
52.9% · plus closing costs
After $5,489/mo from the other unit
vs $5,489/mo to rent the same unit
How this is figured
- Loan $1,438,084 ($1,413,350 + 1.75% upfront mortgage insurance) at 7.18% (Freddie Mac 30-year average, week of Nov 5, 2026), 30 years: $9,742/mo
- FHA mortgage insurance $824/mo · property tax $2,999/mo · insurance $875/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $3,762/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
$20,534
Location
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Zoned Schools
Elementary
Pacific Beach Elementary · grades PK-5 · San Diego Unified
Middle
Pacific Beach Middle · grades 6-8 · San Diego Unified
High
Mission Bay 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
3 comps foundThis Property
$10,978
Comp Average
$23,836
3544 Del Rey Street
4,294 sqft · Multi-Family
$3.50M
Est. $25,701/mo
2720 Figueroa Boulevard
4,113 sqft · Multi-Family
$2.50M
Est. $16,548/mo
849 Emerald Street
4,930 sqft · Multi-Family
$4.59M
Est. $29,260/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
Short-term not available here. Mission Beach (Tier 4) is capped and full, with a waitlist. See the rules
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 1,193 sqft, each priced from up to 12 closed leases within 1 mi · $10,220–$11,670
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$14,581/mo short at 20% down; 91% down or +$18,936/mo rent closes it.
- Break-even price
- $1,100,600
- Break-even rent
- $29,914/mo
- Cashflow at 35% down
- −$11,457/mo
- Down payment to break even
- 91%
- Rate to break even
- Not reachable
63% under asking
$18,936/mo above the estimate
$2,729,090 cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* Modelled at 20% down, 7.43% 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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