Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    237 Spruce St San Diego, CA 92103

    • Apartment buildings
    • 7,995 SF
    • 0.12 lot acres
    For Sale
    View listing
    $4,600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-8867781
    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

    • ENA Appraisals - Fine Art / Appraiser / Arts Organization
    • Arredon Art / Art Gallery
    • ENA art group / Arts Organization
    • San Diego Historic Properties / Historical Place
    • Belia Bridal Alterations and Accessories / Bridal Shop / Clothing Alteration Service

    Property Details for 237 Spruce St

    Year built
    1980
    Lot size
    0.12 lot acres
    Property size
    7,995 SF
    Zone code
    R-3:RESTRICTED MULTIPLE
    Property type
    Apartment buildings
    APN
    452-626-11-00
    APU
    4526261100

    Description

    This exceptional 14-unit apartment building, located in San Diego's desirable Bankers Hill neighborhood, presents a compelling value-add investment opportunity. Built in 1913 and renovated in 2005, the property comprises two three-story buildings totaling 8,724 square feet on a 5,171 square foot lot. The unit mix includes one two-bedroom/one-bathroom unit, twelve junior one-bedroom/one-bathroom units, and a non-conforming commercial space with pending city approval for conversion into a studio ADU. Significant recent improvements include dual-pane vinyl windows, fresh exterior paint, a rebuilt fire escape, upgraded electrical and plumbing systems, and a newly epoxy-lined sewer line. Attractive tenant amenities feature secure gated entry, on-site laundry, and a rooftop deck offering expansive San Diego Bay views. Electricity is separately metered for reduced operating costs. The property boasts a current NOI of $178,353 and a pro-forma NOI of $280,696, representing a 3.92% cap rate and a pro-forma cap rate of 6.17%, respectively. Its prime location, just two blocks from Fifth Avenue and three blocks from Balboa Park, ensures strong rental demand and future appreciation potential in this premier San Diego rental market. The asking price is $4,550,000, or $325,000 per unit. The property is zoned RM-3-7. This is a rare chance to acquire a well-maintained asset with substantial rental upside.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,200,000
      6.5%
      $2,035,000
      7%
      $1,890,000

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

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.162
    Latitude
    32.7385
    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
    $43,709
    $1,828,666
    $1,723,995
    $3,552,661
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.20 Acres

      525 Nutmeg St, Unit 31

      APARTMENT HOUSE (5+ UNITS) • 0.20 Acres
      525 Nutmeg St, San Diego, CA 92103-6304
      View Details
    • Value Estimation by Request
      0.19 Acres

      1021 Hayes Ave, Unit 27

      APARTMENT HOUSE (5+ UNITS) • 0.19 Acres
      1021 Hayes Ave, San Diego, CA 92103-2308
      View Details
    • Value Estimation by Request
      0.32 Acres

      3749 4th Ave, Unit 63

      APARTMENT HOUSE (5+ UNITS) • 0.32 Acres
      3749 4th Ave, San Diego, CA 92103-4202
      View Details
    • Value Estimation by Request
      0.78 Acres

      4033 Dove St

      APARTMENT HOUSE (5+ UNITS) • 0.78 Acres
      4033 Dove St, San Diego, CA 92103-1957
      View Details
    • Value Estimation by Request
      0.14 Acres

      3822 Albatross St, Unit 7

      APARTMENT HOUSE (5+ UNITS) • 0.14 Acres
      3822 Albatross St, San Diego, CA 92103-3053
      View Details
    • Value Estimation
      $1,180,000
      6,488 SF

      821 Sutter St, Unit 35

      APARTMENT HOUSE (5+ UNITS) • 6,488 SF
      821 Sutter St, San Diego, CA 92103-3919
      View Details

    Similar Nearby for Sale

    • $3,895,000

      Hillcrest Apartment Building For Sale

      Six-unit apartment building in vibrant Hillcrest/University Heights neighborhood.
      4033 Park Ave, San Diego, CA 92103
      View Details
    • $5,245,000
      8,568 SF

      Hillcrest Apartment Building

      16-Unit Value-Add Opportunity
      3939 7Th Ave, San Diego, CA 92103
      View Details
    • $674,000

      Uptown Corner Unit with Amenities

      Two-bedroom, two-bathroom corner unit in Hillcrest neighborhood with amenities.
      1270 Cleveland Ave, San Diego, CA 92103
      View Details
    • $18,000,000

      Hillcrest Multifamily Property with HUD Loan

      23-unit complex in San Diego's Hillcrest neighborhood with assumable loan.
      3525 Indiana St, San Diego, CA 92103
      View Details
    • $4,995,000
      5,506 SF

      San Diego Multifamily Investment Opportunity

      Signature income property near Banker's Hill, Hillcrest, and Uptown San Diego.
      3574 4 Ave -80, San Diego, CA 92103
      View Details

    Similar Nearby for Lease

    • $2,350,000
      1,800 SF

      Restaurant & Bar with Patios

      Fully built-out restaurant and bar with front and back patios.
      3685 5Th Ave, San Diego, CA 92103
      View Details
    • $3,650 /Mo
      1,077 SF

      Uptown Condo with Upgraded Kitchen

      Premium top-level condo with upgraded kitchen and great location.
      1260 Cleveland Ave, San Diego, CA 92103
      View Details
    • Contact for pricing
      1,028 SF

      Retail Space in San Diego

      Retail space available for rent in a populated San Diego neighborhood.
      1010 University Ave, San Diego, CA 92103
      View Details
    • Contact for pricing
      3,050 SF

      Retail and Restaurant Space Available

      New mixed-use project in University Heights, anchored by CVS.
      4353 Park Blvd, San Diego, CA 92103
      View Details
    • Contact for pricing
      1,994 SF

      Office Space in Mercy Medical Bldg

      Office space available for lease in San Diego, California.
      4060 4Th Ave, San Diego, CA 92103
      View Details
    • Contact for pricing
      4,909 SF

      Restaurant/Retail Space in Hillcrest

      4,909 SF restaurant/retail space in a high-traffic area.
      3795 6Th Ave, San Diego, CA 92103
      View Details
    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.
    237 Spruce St
    San Diego, CA 92103
    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

    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.