849 Emerald Street
Ctop 80% of multifamilySan Diego, CA 92109
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 Sep 2028. It doesn’t transfer: a buyer applies for their own.
487 licensed short-term rentals within ½ mile (436 whole home), from the cities' license and permit lists of Nov 11, 2026.
Pass at asking: -$12,761/mo full cashflow at 20% down, 7.43% rate.
Works at $2,933,404 (36% under asking), or at 60% down.
Rent $29,260/mo: 7 units of about 704 sqft, each priced from up to 9 closed leases within 0.5 mi ($26,278–$31,878).
Beds
—
Baths
—
Sqft
4,930
Year Built
1978
Days on Market
99
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
PTP2605821
This property is in San Diego (92109). View neighborhood stats →
About This Property
Rare coastal holding in Pacific Beach. One and a half blocks to the sand on Emerald Street; a sub-five-minute walk to Crystal Pier, the Mission Beach boardwalk, and Garnet Avenue dining and retail. Property comprised of four 2BR and three 1BR apartments, substantially renovated in 2018 and maintained through an ongoing capital program.
Multifamily · 7 units
Valued on income: each unit priced from closed leases nearby, then added up. County records: 7 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~704 sqft · 9 leases within 0.5 mi | 7 | $4,180 | $29,260 |
| Gross rent, all units | $29,260/mo | ||
The listing describes 4 × 2-bed, 3 × 1-bed. Units of different sizes are priced as the average unit: by bed count alone, unit rents ran 17% off in our backtest.
- Gross rent multiplier
- 13.1
- Price per unit
- $656,429
- NOI (a year)
- $170,748
- Cap rate
- 3.72%
Price ÷ a year's gross rent
Median $337,500 across 3 listed 5+ unit buildings in 92109
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.
Five or more units take a commercial loan, whose terms differ from a home loan's; the cashflow below uses the site's default 20% down, 30-year terms. FHA's owner-occupied 3.5% down covers 2–4 units only.
Compare other buildings on the small multifamily page.
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Est. Monthly Payment
$31,462
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
$29,260
Comp Average
$24,606
3544 Del Rey Street
4,294 sqft · Multi-Family
$3.50M
Est. $25,753/mo
4205 Noyes
4,848 sqft · Multi-Family
$5.40M
Est. $37,088/mo
728 Jamaica Court
· Multi-Family
$3.00M
Est. $10,978/mo
Comps based on same zip code, similar beds (±1), price range (60-150%).
This is a 7-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.
Investment Score
7 units of about 704 sqft, each priced from up to 9 closed leases within 0.5 mi · $26,278–$31,878
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$12,761/mo short at 20% down; 60% down or +$16,573/mo rent closes it.
- Break-even price
- $2,933,404
- Break-even rent
- $45,833/mo
- Cashflow at 35% down
- −$7,975/mo
- Down payment to break even
- 60%
- Rate to break even
- 1.54%
36% under asking
$16,573/mo above the estimate
$2,757,000 cash
at 20% down
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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