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    930 Felspar St San Diego, CA 92109-2700

    • Apartment buildings
    • 12,254 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Dec 22, 2021
    $9,000,000
    Value Estimations
    $7,805,000
    Show details
    Cap Rate Potential
    2.6%
    Apartment buildings
    Location Intelligence
    Property ID
    US09-7305976
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Grand Apartments Pacific Beach / Apartment Building / Apartment Complex

    Property Details for 930 Felspar St

    Year built
    1960
    Lot size
    0.32 lot acres
    Property size
    12,254 SF
    Zone code
    R-3:RESTRICTED MULTIPLE
    Property type
    Apartment buildings
    APN
    415-602-10-00
    APU
    4156021000

    Description

    This exceptional 24-unit apartment building, located at 930 Felspar St, San Diego, CA 92109, presents a rare turnkey investment opportunity in the highly desirable Pacific Beach neighborhood. The property boasts a total of 12,000 square feet of net rentable space, with a desirable mix of eight studio and sixteen one-bedroom/one-bathroom units. Recently remodeled inside and out, each unit features luxury finishes including new cabinets, quartz countertops, vinyl plank flooring, stainless steel appliances, and updated lighting. Exterior improvements include upgraded landscaping and windows. The property sits on a 14,077 square foot lot and offers abundant off-street parking for residents. Community amenities include on-site laundry facilities and a swimming pool. With a walk score of 93, residents enjoy easy access to the Pacific Ocean, Garnet Avenue, Grand Avenue, and a wealth of shops and restaurants. The property's location provides convenient access to major employment centers via Interstates 5 and 8, and the San Diego Trolley. This is a significant asset in a prime location, offering a secure investment with strong potential for long-term appreciation. The asking price is $13,000,000, representing $541,667 per unit and $1,083.33 per square foot. The APN is 4156021000. This is an ideal opportunity for a long-term investor seeking a high-demand multifamily property in a premier San Diego location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,805,000
      ML approach
      $7,750,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,805,000
      Market price range: $3.16M - $7.81M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.253
    Latitude
    32.7983
    CBSA code
    41740
    CBSA name
    SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $115,104
    $6,762,600
    $2,601,000
    $9,363,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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    • Value Estimation
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      3754 Shasta St, Unit 56

      APARTMENT HOUSE (5+ UNITS) • 0.15 Acres
      3754 Shasta St, San Diego, CA 92109-6761
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    • Value Estimation
      $395,000
      0.14 Acres

      1556 Thomas Ave

      APARTMENT HOUSE (5+ UNITS) • 0.14 Acres
      1556 Thomas Ave, San Diego, CA 92109-4388
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    • Value Estimation
      $330,000
      0.29 Acres

      4776 Lamont St

      APARTMENT HOUSE (5+ UNITS) • 0.29 Acres
      4776 Lamont St, San Diego, CA 92109-3422
      View Details
    • Value Estimation
      $380,000
      0.26 Acres

      1571 Oliver Ave

      APARTMENT HOUSE (5+ UNITS) • 0.26 Acres
      1571 Oliver Ave, San Diego, CA 92109-5390
      View Details
    • Value Estimation
      $450,000
      7,548 SF

      1656 Reed Ave

      APARTMENT HOUSE (5+ UNITS) • 7,548 SF
      1656 Reed Ave, San Diego, CA 92109-5493
      View Details

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    Similar Nearby for Lease

    • $33 SF/Yr
      5,840 SF

      Garnet Ave Executive Office Space

      Prime Pacific Beach Office Suite Available
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      Industrial Warehouse Space Available

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      Executive Office Space Available

      Executive office space for rent with utilities included.
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      La Jolla Blvd Retail/Office Space

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      View Details
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    930 Felspar St
    San Diego, CA 92109-2700
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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.

    More about this property
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