237 Spruce St · San Diego, CA 92103

$4,425,000

14 bd · 13.0 ba · 7,995 sqft · MultiFamily public records · 181 Days on market

Built 1980 ↓ 15% since listing

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.9/30.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +2.9/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 14 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

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 bed / one bath units, and a newly constructed studio. 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-

Key facts

• Secure gated entry
• Walk score of 85
• On-site laundry

Tags

• WALK SCORE OF 85
• FULLY REBUILT FIRE ESCAPE
• SECURE GATED ENTRY
• ON-SITE LAUNDRY
• THIRD FLOOR ROOFTOP DECK
• DUAL PANE VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 12×1bd/1.0ba + 1×?bd/1.0ba units multifamily listed at $4.42M.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative. Per door: $-79/mo.
• To cash-flow at today's rent, offer at most $4.23M (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.51M (20.7% below list).
• Recommended offer: $3.51M (20.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.0% in San Diego — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#123 in CA, #4,206 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, crime D+, cost of living F.
• San Diego Unified (urban): math 19% / reading 29% proficiency, ranked #393 of 517 in CA (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+1.2%/yr); 221 active listings in the ZIP; solid renter incomes; 11,759 units permitted in San Diego County in 2024 (7,244 in 5+ unit buildings).
• At $35,106/mo this rent would consume 410% of the median local household income ($103k/yr) (locally 2543% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $31k of loan paydown is wiped out by about $133k of value loss. Plan a longer hold.
• San Diego County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($3.89M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $3,510,600 (20.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.07%
• DSCR: 0.95
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.24% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.31×
• Total profit: $-848,789
• Equity at exit: $659,782

10-year hold

• IRR: -16.9%
• Equity multiple: 0.13×
• Total profit: $-1,073,590
• Equity at exit: $382,593

Cash invested: $1,239,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92103

• Rents YoY: 1.2%
• Active inventory: 221
• Price-to-rent: 133.3×

Monthly cashflow live

• Estimated rent: $35,106 high
• Mortgage (P&I): −$23,205
• Tax from tax record: −$3,786 /mo · $45,426/yr
• Insurance: −$1,844
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,372
• Net cashflow: $-1,101

Break-even live

Break-even rent $36,499

Max offer price $4,230,551

Occupancy floor 98%

Sensitivity live

Price	-10% $1,404	-5% $152	+0% $-1,101	+5% $-2,353	+10% $-3,606
Rent	-10% $-3,874	-5% $-2,487	+0% $-1,101	+5% $286	+10% $1,673
Rate	-1.0pp $1,128	-0.5pp $25	base $-1,101	+0.5pp $-2,247	+1.0pp $-3,414

14-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,767
▸ 12× units	1	1	$29,736
1× unit	0	1	$2,602
Total (14 units)			$35,106

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,106,250
• Closing costs: $132,750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-04-10
   status Pending
2. 2026-02-11
   price $4,425,000
3. 2025-10-12
   listed $4,600,000 Active
4. 2024-12-16
   historical
5. 2024-02-09
   listed $4,550,000
6. 2023-11-30
   historical
7. 2023-09-08
   listed $4,995,000
8. 2023-08-04
   historical
9. 2022-11-01
   listed $5,200,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $45,426 · $3,786/mo
• Projected year-2 tax: $45,426 · $3,786/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥87°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $421,272
• − Mortgage interest: −$247,869
• − Property taxes: −$45,426
• − Insurance: −$22,125
• − Repairs & maintenance: −$33,702
• − Management: −$33,702
• − Depreciation: −$128,727
• Taxable loss: −$90,279
• Est. tax savings @ 24.0%: +$21,667
• After-tax cash flow: $8,458/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: San Diego Unified
• NCES district ID: 0634320
• Math proficiency: 19% ▼ -29.00%
• Reading proficiency: 29% ▼ -28.00%
• Median HH income: $61,673
• Composite: 22.31/100
• National rank: #8135
• State rank: #393 of 517 in CA

Livability — San Diego

• Score: 75/100
• State rank: #123
• US rank: #4206

Category grades

Amenities A+ Commute A+ Cost of living F Crime D+ Employment A+ Housing C+ Health & safety C- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Diego, CA
• County: San Diego County · 3,178,799 people
• City population: 1,397,612
• Metro: San Diego-Chula Vista-Carlsbad, CA
• Population (ZIP): 34,836
• Household income: $102,626
• Rent vs Own: 64.8% rent · 35.2% own
• Severe rent burden: 2543.0

Population outlook (San Diego County) Hauer SSP2

• Today (2025): 3,678,185 people
• By 2030: 3,856,546 · +4.8%
• By 2040: 4,171,407 · +13.4%
• By 2050: 4,421,607 · +20.2%
• By 2075: 4,831,599 · +31.4%
• By 2100: 4,832,502 · +31.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 10% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 15% · Canada, China
• Languages at home: 77% English-only · Spanish 12% Other Indo-European 2% Chinese 2%

Political lean MEDSL · San Diego

• 2024 margin: D (+16.8) · D 56.9% · R 40.1% · Other 2.9%
• 2008→2024 swing: +6.6pp toward D · 2008: 10.2pp · 2024: 16.8pp
• All cycles: 2024: D+16.8 2020: D+22.8 2016: D+17.8 2012: D+5.1 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -723.82%
• Current HPI: 256.0844
• Rent YoY: ▲ 1.24%
• Metro: San Diego-Chula Vista-Carlsbad, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-14.9% since first listed

9 events — show timeline

• 2026-04-10 Pending — SDMLS
• 2026-02-11 Price Changed $4,425,000 SDMLS
• 2025-10-12 Listed $4,600,000 SDMLS
• 2024-12-16 Listing Removed — SDMLS
• 2024-02-09 Listed $4,550,000 SDMLS
• 2023-11-30 Listing Removed — SDMLS
• 2023-09-08 Listed $4,995,000 SDMLS
• 2023-08-04 Listing Removed — SDMLS
• 2022-11-01 Listed $5,200,000 SDMLS

Property tax history

+4.4%/yr

Latest (2025): $45,426 · +3.9% YoY. Source: county tax records.