Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    532 24Th St San Diego, CA 92102

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $699,000

    Downtown Sherman Heights property with plans for four units.

    Lot size:
    0.12 Acres

    Property Features for 532 24Th St

    General Information

    Lot size
    0.12 Acres

    Building Details

    Year built
    2020

    We can help!

    Listing Contact
    Priscylla Connelly
    Priscylla Connelly
    Source: Elliman

    Listing Agent: Priscylla Connelly

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Sherman Heights Multifamily Development Opportunity

    Located in the Downtown neighborhood of Sherman Heights, the property at 24th & Market presents an opportunity for experienced investors, contractors, or builders. Existing plans and permits are in place, offering the option to continue the project as is or customize it. The property currently includes a spacious unit with 2 bedrooms and 2 full bathrooms. Plans are in place to develop a total of 4 units: three units with 3 bedrooms and 2 bathrooms each, and one unit with 2 bedrooms and 2 bathrooms. This property represents a chance to create a home or an investment property in a sought-after location.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    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
    -117.1426723
    Latitude
    32.7110613

    Nearby Similar for Sale

    • $1,798,999
      1,994 SF

      Renovated Luxury Home with ADU

      Fully renovated home with canyon views and income potential.
      3109 Hawk St, San Diego, CA 92103
      View Details
    • New
      $2,039,900

      San Diego Triplex with Rental Income

      Triplex in San Diego with rental income potential and new upgrades.
      1028-30 Lincoln Ave, San Diego, CA 92103
      View Details
    • $6,250,000
      7,370 SF

      Vintage Apartments in Kensington Heights

      Unique 11-unit apartment community with value-add potential in San Diego.
      5050 Marlborough Dr -70, San Diego, CA 92116
      View Details
    • $1,340,000
      Pending

      Two Detached Homes on Lot

      Two detached homes on a large lot in San Diego.
      6352 Holabird St, San Diego, CA 92120
      View Details
    • $1,379,000
      2,190 SF

      San Diego Multifamily with ADU

      Newly constructed home with ADU, ideal for rental income.
      3653 Wilson Ave, San Diego, CA 92104
      View Details
    • New
      $2,495,000
      3,000 SF

      Point Loma Multifamily with Bay Views

      Modern Point Loma duplex with ADU and panoramic views.
      3241 Ingelow St, San Diego, CA 92106
      View Details
    • $1,750,000
      1,780 SF

      North Park Cottages For Sale

      Charming cottages in North Park, development potential.
      4051-53 32Nd St, San Diego, CA 92104
      View Details
    • $1,495,000
      Pending

      Turnkey Investment Triplex in San Diego

      San Diego triplex with modern finishes and strong rental income.
      7127 Saranac St, San Diego, CA 92115
      View Details
    • $9,995,000
      3,944 SF

      La Jolla Income Property

      Trophy asset in prime La Jolla location with ocean views.
      1303 Cave St, La Jolla, CA 92037
      View Details
    • $1,300,000
      2,048 SF

      Turnkey San Diego Triplex Investment

      Remodeled triplex in San Diego, ideal for investors or house hackers.
      6979-81 Amherst St, San Diego, CA 92115
      View Details
    • New
      $1,200,000
      1,330 SF

      Ocean Beach Duplex Opportunity

      Duplex near beach, shops, and restaurants in Ocean Beach.
      4225-4227 Whittier St, San Diego, CA 92107
      View Details
    • $2,195,000
      Pending

      Ocean Beach Duplex Investment Opportunity

      Two-unit property near the beach, ideal for rental income.
      4614-4616 Larkspur St, San Diego, CA 92107
      View Details

    FAQs

    What type of property is this?
    Multifamily property - Downtown Sherman Heights property with plans for four units.
    Where is this multifamily property located?
    The property is located at 532 24Th St San Diego, CA.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: - Prime property in the desirable Downtown neighborhood of Sherman Heights.; - Existing plans and permits in place for a 4-unit development.; - Opportunity to customize the project to your vision.
    (858) 213-6586
    Request Owner's contact information
    532 24Th St San Diego, CA 92102
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    532 24Th St
    San Diego, CA 92102
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    532 24Th St San Diego, CA 92102
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Priscylla Connelly
    Priscylla Connelly
    (858) 213-6586
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.