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    Mission Beach Triplex with Assumable Loan Title is generated by Realmo AI

    818-820 Portsmouth, San Diego, CA 92109

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    For Sale
    $1,999,900

    MULTI_FAMILY - San Diego, CA

    Lot size:
    0.03 Acres
    Added:
    May 21, 2026
    Days on Market:
    7
    Last Refresh:
    May 27 at 11:06 am

    Property Features for 818-820 Portsmouth

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 1
    Standard status
    Active
    APN
    423-592-21-00
    Lot size
    0.03 Acres

    Building Details

    Year built
    1985
    Floors in Building
    2
    Number of units
    3
    Roof type
    Composition

    We can help!

    Listing Contact
    Keegan Wetzel

    Listing agent Keegan Wetzel License #02153342

    Listing office Real Broker 1420 Kettner Blvd #100 Jason Lopez, La Mesa, CA

    Listing date May 21, 2026

    MLS# 260012362 Listing URL

    Copyright © 2026 San Diego MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Assumable 2.75% Loan: Take advantage of exceptionally low interest rate financing.
    • High Income Potential: Proven short‑term rental income averaging $207K annually.
    • Prime Location: Steps from both the bay and ocean in highly desirable Mission Beach.
    • Tri‑plex Structure: Three separate income‑producing units.
    • Turnkey Short‑Term Rental: All three units are currently operating as successful short‑term rentals.
    • Desirable Amenities: Includes a private deck, wood‑burning fireplace, updated kitchen, in‑unit laundry, garage, and dedicated outdoor storage.

    Overview

    This Mission Beach triplex offers a rare opportunity with a 2.75% assumable loan and three years of financials averaging $207K in annual income. Located steps from both the bay and the ocean, this coastal investment provides a true SoCal lifestyle appeal. The property features a front 2-bed/1-bath house with a private deck, wood-burning fireplace, updated kitchen, in-unit laundry, and ample interior storage. Upstairs, two beautifully remodeled studios share a sunlit deck. An attached garage and a dedicated outdoor area for boards, bikes, and beach gear complete the package. All three units operate as active short-term rentals with a proven 5.94% cap rate and consistent year-over-year performance. This property is located in San Diego, CA 92109. The lot size is 0.0266 acres. Whether expanding a coastal portfolio or planning to live in one unit while the others cover the mortgage, the assumable financing makes this a rare opportunity. With three income-producing doors in one of San Diego's most in-demand STR markets, and a financing structure that simply doesn't exist in today's rate environment, this property is a unique investment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.252055
    Latitude
    32.783151

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    FAQs

    What type of property is this?
    Triplex - Mission Beach triplex with assumable loan and strong rental income.
    Where is this triplex located?
    The property is located at 818-820 Portsmouth San Diego, CA.
    What is the asking price?
    The asking price for this property is $1,999,900.
    What are key features of this property?
    This property features: **Assumable 2.75% Loan:** Take advantage of exceptionally low interest rate financing.; **High Income Potential:** Proven short‑term rental income averaging $207K annually.; **Prime Location:** Steps from both the bay and ocean in highly desirable Mission Beach.
    (708) 256-7904
    We can help!
    Listing Contact
    Keegan Wetzel
    Real Estate License ID: 02153342
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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