Skip To Content

237 Spruce Street

San Diego, CA 92103
  • $4,550,000
  • STATUS: ACTIVE
  • ON SITE: 154 Days
  • ID#: 240003008
UPDATED: 113 min ago
$4,550,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

We are pleased to present The Catalina located at 237 Spruce Street in San Diego, California. The 14-unit apartment complex is located in the highly desirable neighborhood of Bankers Hill and boasts a Walk Score of 85. Originally built in 1913 and renovated in 2005, the property sits on a 5,171 square foot lot and the building measures approximately 8,724 square feet. The unit mix consists of (1) two bedroom / one bathroom unit, (12) junior one bedroom / one bathroom units, and a non-conforming commercial space. All junior one bedroom units have pocket doors separating the bedroom area from the living room. The property has been meticulously well-maintained with various capital improvements completed by current ownership. The exterior of the property has been updated with dual pane vinyl windows, fresh paint, and a fully rebuilt fire escape on the north side of the building. Both the electrical system and drain lines have been upgraded, as well as a newly upgraded sewer line with an epoxy liner. Attractive tenant offerings include secure gated entry, on-site laundry, and a third floor rooftop deck with expansive views of the San Diego Bay. Electricity is separately metered reducing operating costs to the owner. Through a more extensive interior renovation, an investor could bring current rents to market and maximize overall cash flow. Located only two blocks from Fifth Avenue and three blocks from Balboa Park (which also hosts the San Diego Zoo), the property is centrally located to all the best both Bankers Hill and Hillcrest have to offer.

Monthly Payment Calculator

San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/147466735
Print Image

237 Spruce Street San Diego, CA 92103

  • Price: $4,550,000
  • Status: ACTIVE
  • On Site: 154 Days
  • Updated: 113 min ago
  • ID#: 240003008
0
Beds
0
Baths
0
½ Baths
N/A
Acres
Neighborhood:
Mission Hills (92103)
County:
San Diego
Area:
Mission Hills (92103)
Property Description
We are pleased to present The Catalina located at 237 Spruce Street in San Diego, California. The 14-unit apartment complex is located in the highly desirable neighborhood of Bankers Hill and boasts a Walk Score of 85. Originally built in 1913 and renovated in 2005, the property sits on a 5,171 square foot lot and the building measures approximately 8,724 square feet. The unit mix consists of (1) two bedroom / one bathroom unit, (12) junior one bedroom / one bathroom units, and a non-conforming commercial space. All junior one bedroom units have pocket doors separating the bedroom area from the living room. The property has been meticulously well-maintained with various capital improvements completed by current ownership. The exterior of the property has been updated with dual pane vinyl windows, fresh paint, and a fully rebuilt fire escape on the north side of the building. Both the electrical system and drain lines have been upgraded, as well as a newly upgraded sewer line with an epoxy liner. Attractive tenant offerings include secure gated entry, on-site laundry, and a third floor rooftop deck with expansive views of the San Diego Bay. Electricity is separately metered reducing operating costs to the owner. Through a more extensive interior renovation, an investor could bring current rents to market and maximize overall cash flow. Located only two blocks from Fifth Avenue and three blocks from Balboa Park (which also hosts the San Diego Zoo), the property is centrally located to all the best both Bankers Hill and Hillcrest have to offer.
Exterior Features

Construction FrameLath/Plaster Parking None Roof Composition

Interior Features

Floor Coverings Hardwood Sq Ft Of Improvement 8724

Property Features

Actual Gross Scheduled Income 289800.0 Actual Operating Expense 104153 Assumable Finance 0 Buildings 2 Gross Equity 4550000 Gross Multiplier 15.70 Have Apartments Mandatory Remarks None Known Market Area Metro Uptown Motive Want 1031 Exchange

San Diego MLS logo Listing provided courtesy of Ben Sierpina of Marcus & Millichap: 858-373-3215. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_240003008-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_240003008-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_240003008-2.jpg
Logo
The Neuman Team
516 5th Avenue
San Diego CA, 92101