Bankers Hill Apartment
237 Spruce Street San Diego, CA 92103
237 Spruce Street, San Diego, CA, 92103
$4,425,000
Pending
For Sale
$4,425,000
Pending
14-unit apartment complex in desirable Bankers Hill neighborhood.
Property Size8,724 SF
Lot Size0.12 Acres
Days on Market284
Property Features for 237 Spruce Street
General Information
- Standard status
- Pending
- Size
- 8,724 SF
- Lot size
- 0.12 Acres
- Property subtype
- Commercial-Res Income / Com-Res Income
Listing Agency
Marcus & Millichap
(858) 775-9825
Listed by
Ben Sierpina · License #02062416
(858) 775-9825
Source
Compass
Added: Oct 11, 2025 Updated: Jul 10 at 12:21 pm Checked: Jul 20 at 4:00 am
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Located at 237 Spruce Street in San Diego, California, The Catalina is a 14-unit apartment complex in the Bankers Hill neighborhood, with a Walk Score of 85. Constructed in 1913 and renovated in 2005, the property is situated on a 5,171 square foot lot, with the building measuring approximately 8,724 square feet. The unit mix includes one two-bedroom/one-bathroom unit, twelve junior one-bed/one-bath units, and a newly constructed studio. The junior one-bedroom units feature pocket doors separating the bedroom area from the living room. The property has been well-maintained with capital improvements completed by current ownership. The exterior has been updated with dual-pane vinyl windows, fresh paint, and a rebuilt fire escape on the north side of the building. The electrical system and drain lines have been upgraded, and a new sewer line with an epoxy liner has been installed. Tenant amenities include secure gated entry, on-site laundry, and a third-floor rooftop deck with views of the San Diego Bay. Electricity is separately metered. The property is located two blocks from Fifth Avenue and three blocks from Balboa Park (and the San Diego Zoo), providing access to both Bankers Hill and Hillcrest.
Key Highlights
- Prime location in Bankers Hill, Walk Score of 85, near Fifth Avenue and Balboa Park/San Diego Zoo.
- Enjoy expansive San Diego Bay views from the rooftop deck.
- Meticulously maintained property with updated dual pane vinyl windows, fresh paint, rebuilt fire escape, upgraded electrical system and drain lines, and a newly upgraded sewer line with an epoxy liner.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $277.4k | $31.80 |
| − Vacancy | −$15.3k | −$1.75 |
| EGI | $262.2k | $30.05 |
| − OpEx | −$118.0k | −$13.52 |
| NOI | $144.2k | $16.53 |
8,724 SF · lease $31.80/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.80M – $2.40M
NOI $144,191 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.45M
$3.02M – $4.02M
NOI $241,201 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ENA Appraisals - Fine ...
Real Estate Agency
Arredon Art
Art Gallery
ENA art group
Theater & Performing Art Venue
San Diego Historic ...
Tour Operator
Belia Bridal Alterations ...
(Bike/Boat/Book/etc) Store
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FAQs
What type of property is this?
Apartment building - 14-unit apartment complex in desirable Bankers Hill neighborhood.
Where is this apartment building located?
The property is located at 237 Spruce Street San Diego, CA.
What is the asking price?
The asking price for this property is $4,425,000.
What are key features of this property?
This property features: Prime location in Bankers Hill, Walk Score of 85, near Fifth Avenue and Balboa Park/San Diego Zoo.; Enjoy **expansive San Diego Bay views from the rooftop deck**.; Meticulously maintained property with updated dual pane vinyl windows, fresh paint, rebuilt fire escape, upgraded electrical system and drain lines, and a newly upgraded sewer line with an epoxy liner.
