Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    San Marcos Terrace Estates Apartments Title is generated by Realmo AI

    532 Richmar Ave, San Marcos, CA 92069

    View on Map
    Claim this Listing
    For Sale
    $3,800,000

    9-unit apartment complex in the heart of San Marcos.

    Type:Multifamily
    Added:
    Apr 3, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 3 at 5:41 am

    Property Features for 532 Richmar Ave

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Gordon Reese

    Listing agent Gordon Reese License #CA: 00066435

    Listing office Orange County Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

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

    All listing content including descriptions, pricing, images are the copyrighted material of Orange County Office

    HighLights

    • Located in a rapidly gentrifying area of San Marcos, indicating strong potential for property value appreciation and increased rental income.
    • All 9 units are 2Bed1Bath, offering a desirable and easily rentable configuration.
    • San Marcos benefits from a strong and diverse job market, driven by education, healthcare, technology, and planning/development sectors.
    • The city's pursuit of "BLUE ZONE" designation highlights a commitment to resident health and wellness, attracting health‑conscious tenants and businesses.
    • Cosmetic upgrades have been made to the exterior, and the interiors are renovated and in very good condition.
    • San Marcos boasts a high median household income (over $105,000) and rising property values, reflecting a prosperous and stable local economy.

    Overview

    San Marcos Terrace Estates is a 9-unit apartment complex located in the San Marcos metro area. The property is positioned in an area undergoing gentrification, with several new properties recently constructed nearby. All units feature a 2-bedroom, 1-bath layout. The current ownership has made exterior cosmetic upgrades to the property. The unit interiors were previously renovated and remain in very good condition. San Marcos is characterized as an upscale and progressive city, attributed to a progressive local government and the presence of California State University and Palomar College. The city actively recruits planners, engineers, and development professionals to guide growth and infrastructure projects. San Marcos benefits from a diverse and dynamic job market with growth in sectors like education, healthcare, technology, and planning and development. The metro population is youthful, with a median age of 34.9 years. San Marcos is pursuing designation as a “BLUE ZONE,” working to become a place where residents live healthier, longer lives through intentional community design and wellness programs. San Marcos has a population of approximately 94,000 people, with a growing median household income of over $105,000, up nearly 6% from the previous year. The property is approximately 3.62 acres.
    Location Intelligence

    Current Use by Public Records

    Hair & Makeup By ... Hair Salon Cuaji Landscaping Landscaping

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Daycare Center Building Supply Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    San Marcos
    County
    San Diego
    State
    California
    Longitude
    -117.171918
    Latitude
    33.146258

    Nearby Similar for Sale

    • $640,000
      1,600 SF

      Highway Frontage Light Industrial Condo

      1,600 SF light industrial condo with highway visibility.
      C1-120 N Pacific St, San Marcos, CA
      View Details
    • $545,000
      1,119 SF

      Prime Corner Retail Opportunity

      New retail space in San Marcos, high-traffic location.
      240-260 S Rancho Santa Fe Rd, San Marcos, CA
      View Details
    • $4,119,000
      14,976 SF

      San Marcos Freestanding Industrial Building

      Freestanding industrial building in San Marcos Business Park.
      1377 Armorlite Dr, San Marcos, CA
      View Details
    • $2,590,000
      7,683 SF

      San Marcos Industrial Property Available

      Industrial property in San Marcos, part of the Innovate78 Corridor.
      870 Rancheros Dr, San Marcos, CA
      View Details
    • $2,593,800
      7,860 SF

      San Marcos Industrial Building For Sale

      Recently renovated industrial building with drive-through access in San Marcos.
      1265 Stone Dr, San Marcos, CA 92078
      View Details
    • $4,579,000
      17,280 SF

      Freestanding Industrial Building in San Marcos

      San Marcos industrial building with occupancy available January 1, 2026.
      1370 ARMORLITE DR, SAN MARCOS, CA
      View Details
    • $5,995,000
      7,850 SF

      New Retail Asset in San Marcos

      Two-story retail property in San Elijo Hills, San Marcos.
      1217 San Elijo Rd S, San Marcos, CA 92078
      View Details
    • $4,040,000
      11,316 SF

      Freestanding Industrial Building Available

      11,316 SF freestanding industrial building for sale or lease.
      435 E Carmel St, San Marcos, CA
      View Details
    • $2,168,430
      6,571 SF

      San Marcos Industrial Building For Sale

      Industrial building in central San Marcos with highway access.
      1255 Stone Dr, San Marcos, CA 92078
      View Details
    • $2,475,000
      7,500 SF

      San Marcos Warehouse For Sale

      7,500 SF warehouse on 0.57 acres in San Marcos.
      850 Armorlite Dr, San Marcos, CA
      View Details
    • $1,599,000
      2,700 SF

      Turnkey Medical Office Condominium

      Ground floor medical office for lease in San Marcos.
      950 Boardwalk St, San Marcos, CA
      View Details
    • $15,500,000
      34,373 SF

      San Marcos Industrial and Office Project

      Fully leased industrial and office project in San Marcos, California.
      737, 747, 777 Windy Point Drive, San Marcos, CA 92069
      View Details

    FAQs

    What type of property is this?
    Apartment building - 9-unit apartment complex in the heart of San Marcos.
    Where is this apartment building located?
    The property is located at 532 Richmar Ave San Marcos, CA.
    What is the asking price?
    The asking price for this property is $3,800,000.
    What are key features of this property?
    This property features: Located in a rapidly gentrifying area of San Marcos, indicating strong potential for property value appreciation and increased rental income.; All 9 units are 2Bed1Bath, offering a desirable and easily rentable configuration.; San Marcos benefits from a strong and diverse job market, driven by education, healthcare, technology, and planning/development sectors.
    (949) 419-3200
    We can help!
    Listing Contact
    Gordon Reese
    Real Estate License ID: CA: 00066435
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    532 Richmar Ave, San Marcos, CA 92069
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!