237 Spruce St

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 8,589 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 which current ownership has submitted plans to the city to convert into a studio ADU. All junior one bedroom units have pocket doors separating the bedroom area from the living room and are significantly larger than typical units from this vintage. 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 can 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. A hub for entertainment and lifestyle, the area is perfect for residents looking for the perfect balance of a residential neighborhood with proximity to endless activities and attractions. As a highly desirable and walkable area, 237 Spruce Street ultimately presents investors the rare opportunity to acquire a well-maintained, value-add asset with significant rental upside that will only continue to benefit from appreciation and rent growth in one of San Diego's most premier rental markets.