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

    2821 Morena Blvd San Diego, CA 92117-6057

    • Apartment buildings
    • 10,150 SF
    • 0.27 lot acres
    OFF-MARKET
    Last Sale
    Jun 22, 2021
    $5,835,000
    Value Estimations
    $5,450,000
    Show details
    Cap Rate Potential
    3.3%
    Apartment buildings
    Location Intelligence
    Property ID
    US09-7296306
    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

    • Southwest Painting Company / Painting Service / General Contractor

    Property Details for 2821 Morena Blvd

    Year built
    1977
    Lot size
    0.27 lot acres
    Property size
    10,150 SF
    Zone code
    COMMERCIAL
    Property type
    Apartment buildings
    APN
    425-511-43-00
    APU
    4255114300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,060,000
      ML approach
      $5,235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,280,000
      Market price range: $1.48M - $5.28M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,380,000
      Current use
      RESTAURANT
      $8,985,000
      Change: +166% Conversion: Difficult
      MEDICAL BUILDING
      $5,910,000
      Change: +75% Conversion: Moderate
      RETAIL STORES
      $4,880,000
      Change: +44% Conversion: Difficult
      OFFICE BUILDING
      $4,285,000
      Change: +27% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $4,080,000
      Change: +21% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    San Diego
    County
    San Diego
    State
    California
    Longitude
    -117.206
    Latitude
    32.7924
    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
    $76,153
    $5,306,040
    $886,108
    $6,192,148
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1.39 Acres

      3217 Apache Ave, Unit 1-20

      APARTMENT HOUSE (5+ UNITS) • 1.39 Acres
      3217 Apache Ave, San Diego, CA 92117-6262
      View Details
    • Value Estimation by Request
      3.42 Acres

      2920 Clairemont Dr

      APARTMENT HOUSE (5+ UNITS) • 3.42 Acres
      2920 Clairemont Dr, San Diego, CA 92117-6716
      View Details
    • Value Estimation by Request
      0.78 Acres

      5110 Clairemont Mesa Blvd

      APARTMENT HOUSE (5+ UNITS) • 0.78 Acres
      5110 Clairemont Mesa Blvd, San Diego, CA 92117-1450
      View Details
    • Value Estimation
      $3,110,000
      28,392 SF

      3405 Waco St, Unit 37

      APARTMENT HOUSE (5+ UNITS) • 28,392 SF
      3405 Waco St, San Diego, CA 92117-6342
      View Details
    • Value Estimation
      $5,415,000
      32,372 SF

      2825 Clairemont Dr, Unit 45

      APARTMENT HOUSE (5+ UNITS) • 32,372 SF
      2825 Clairemont Dr, San Diego, CA 92117-6754
      View Details
    • Value Estimation
      $7,175,000
      67,132 SF

      3301 Clairemont Dr, Unit 45

      APARTMENT HOUSE (5+ UNITS) • 67,132 SF
      3301 Clairemont Dr, San Diego, CA 92117-5918
      View Details

    Similar Nearby for Sale

    • $1,498,000

      Duplex with Approved Expansion Plans

      Duplex with approved plans for six additional units.
      4401 Clairemont Mesa Blvd, San Diego, CA 92117
      View Details
    • $989,900

      Remodeled Condo with Ocean Views

      Completely remodeled single-level condo with panoramic ocean and bay views.
      4732 Iroquois Ave, San Diego, CA 92117
      View Details
    • $581,000

      Balboa Arms Drive Residence

      Residence with fresh interior paint and ample storage.
      5252 Balboa Arms Dr, San Diego, CA 92117
      View Details
    • $1,995,000

      San Diego Specialty Property Available

      Specialty property for sale in San Diego, California.
      4821 Iroquois Ave, San Diego, CA 92117
      View Details
    • $2,850,000

      San Diego Specialty Property Available

      Specialty property for sale in San Diego, California.
      4957 Jumano Ave, San Diego, CA 92117
      View Details
    • $349,000
      3,165.00 Acres

      Bay Park Development Opportunity

      Eight legal lots with bay views in coveted Bay Park.
      3546 Trenton Ave, San Diego, CA 92117
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,899 SF

      San Diego Warehouse Space Available

      Warehouse space available now with reception and restrooms.
      4903 Morena Blvd, San Diego, CA 92117
      View Details
    • Contact for pricing
      1,716 SF

      San Diego Flex/Industrial Space

      Flex/industrial space available for rent in San Diego, CA.
      4905 Morena Blvd, San Diego, CA 92117
      View Details
    • Contact for pricing
      1,949 SF

      Retail Space with High Visibility

      1,949 SF end cap unit with excellent signage.
      4592 Clairemont Dr, San Diego, CA 92117
      View Details
    • $2.00 SF/Yr
      26,457 SF

      Remodeled Office Space in San Diego

      Recently remodeled office space with modern updates and exceptional convenience.
      4010 Morena Blvd, San Diego, CA 92117
      View Details
    • Contact for pricing

      Leased Retail Property

      Retail property, currently 100% leased, no availability.
      4911-4971 Clairemont Dr, San Diego, CA 92117
      View Details
    • Contact for pricing
      4,500 SF

      Clairemont Mesa Shopping Center Space

      16,217 SF shopping center in Clairemont Mesa.
      4445 Clairemont Mesa Blvd, San Diego, CA 92117
      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.
    2821 Morena Blvd
    San Diego, CA 92117-6057
    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.