Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Shovel-Ready Apartment Building Site Title is generated by Realmo AI

    38-5236 Imperial Ave, San Diego, CA 92114

    View on Map
    Claim this Listing
    New
    For Sale
    $1,250,000

    Approved demolition and building permits support a faster path to constructing nine 2BR/2BA units with outdoor space.

    Type:Investment
    Lot size:
    0.17 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 5:15 am

    Property Features for 38-5236 Imperial Ave

    General Information

    Standard status
    Active
    Lot size
    0.17 Acres
    Property subtype
    Investment

    Building Details

    Year Built
    1949

    We can help!

    Listing Contact
    Florian Sighe

    Listing agent Florian Sighe License #02072593

    Listing office

    Listing date Jun 3, 2026

    Source Elliman

    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 Florian Sighe

    HighLights

    • Shovel‑ready plans for a ground‑up project to build nine 2BR/2BA units totaling 850 SF each
    • Project planned for a 7,600 SF RM 1‑1 lot
    • Approved and in‑issuance demolition and building permits for the current duplex
    • Permits/approvals included: ROW, SDGE, and building permits all approved and in issuance
    • Plans include outdoor space for all units: balconies and yards, plus 4–5 parking spaces in the alley

    Overview

    This shovel-ready multifamily project includes approved plans to redevelop a site into nine spacious 850 SF 2BR/2BA units across a 7,600 SF RM 1-1 lot. The current structure is an existing duplex with 1BR units, and the sale includes demolition plans to support the new buildout. ROW, SDGE, and building permits are approved and in issuance, with plans available for review upon request.

    The redevelopment contemplates 4-5 parking spaces accessed via the alley, along with balconies and yards for all units. The package is positioned for a “day one” build process, with the permitting components already cleared for issuance.

    For investors and builders seeking a straightforward conversion from an existing duplex to a higher-density apartment structure, this offering provides a complete development pathway with permits already underway. The unit mix is fixed within the submitted design, making it easier to evaluate tenant-ready 2-bedroom residences, including outdoor space that can support day-to-day livability.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

    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
    -117.1549238
    Latitude
    32.7064854

    Nearby Similar for Sale

    • $1,055,000
      2,273 SF

      Freestanding Commercial Building on University

      Commercial building in Rolando/College Area with flexible layout.
      6334 University Avenue, San Diego, CA 92115
      View Details
    • $8,995,000
      9,112 SF

      San Diego Multifamily Investment Opportunity

      NNN leased 26-unit property with repositioning potential.
      4017 42nd St, San Diego, CA 92105
      View Details
    • $1,399,900
      1,505 SF

      Well-Maintained Duplex with Detached Garages

      San Diego duplex near Adams Avenue with remodeled interiors, private outdoor space, and separate utility metering for each unit.
      3671 Madison Avenue, San Diego, CA 92116
      View Details
    • $2,295,000
      4,148 SF

      Hillcrest Multifamily Investment Opportunity

      Classic 6-unit apartment building in San Diego's vibrant Hillcrest neighborhood.
      3409-21 5th Avenue, San Diego, CA 92103
      View Details
    • $815,000
      1,524 SF

      Industrial Condo Near Otay Border

      Industrial condominium near Otay Border truck crossing with warehouse space.
      10050 Via De La Amistad, San Diego, CA 92154
      View Details
    • $4,900,000
      12,064 SF

      Townhome-Style Multifamily Property

      Fourteen remodeled townhome units with fenced private yards, indoor laundry, and ample parking across two buildings.
      1054-1058 OUTER ROAD, San Diego, CA 92154
      View Details
    • $1,685,000
      2,860 SF

      Corner-Lot Residential Income Triplex

      Three rental units with off-street parking and private outdoor space, plus significant roof, electrical, plumbing, and foundation improvements.
      1815 Mission Cliff Dr, San Diego, CA 92116
      View Details
    • $1,450,000
      1,577 SF

      Renovated Duplex with Private Yards

      Turnkey duplex featuring two fully independent residences with separate parking, private outdoor space, and modern finishes.
      4436 Bancroft Street 38, San Diego, CA 92116
      View Details
    • $1,125,000
      2,100 SF

      Renovated Triplex with ADU Potential

      Three fully permitted, newly renovated homes on one gated lot offer flexible living or rental income near the coast.
      1610-12 Dahlia Avenue, San Diego, CA 92154
      View Details
    • $1,699,000
      2,390 SF

      North Park Multifamily Income Opportunity

      Two-unit property in North Park with modern upgrades and income potential.
      3710-3712 Louisiana, San Diego, CA 92104
      View Details
    • $1,795,000
      1,937 SF

      Triplex with Private Patio Areas

      Well-maintained three-unit income property with private patios and in-unit laundry, plus detached garage and ADU potential.
      1936 Dale, San Diego, CA 92102
      View Details
    • $1,799,000
      3,163 SF

      Two Detached Homes on Corner Lot

      Two detached homes on a large corner lot in San Diego.
      2306 Modesto St, San Diego, CA 92105
      View Details

    FAQs

    What type of property is this?
    Duplex - Approved demolition and building permits support a faster path to constructing nine 2BR/2BA units with outdoor space.
    Where is this duplex located?
    The property is located at 38-5236 Imperial Ave San Diego, CA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Shovel‑ready plans for a ground‑up project to build nine 2BR/2BA units totaling 850 SF each; Project planned for a 7,600 SF RM 1‑1 lot; Approved and in‑issuance demolition and building permits for the current duplex
    (619) 894-3030
    We can help!
    Listing Contact
    Florian Sighe
    Real Estate License ID: 02072593
    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
    38-5236 Imperial Ave, San Diego, CA 92114
    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!