237 Spruce St San Diego, CA 92103

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.