215 Spruce Street,San Diego, CA 92103
San Diego, CA 92103
Description
215 Spruce Street presents a rare opportunity to acquire a well-maintained four-unit apartment property in the highly desirable Hillcrest neighborhood of San Diego. The property features an attractive unit mix of three 1-bedroom/1-bath residences of approximately 480 square feet and one studio of approximately 400 square feet. The building retains much of its original character, including hardwood flooring, custom built-ins, original cabinetry and woodwork, while select areas feature updated vinyl plank flooring and a mix of newer appliances. Unit A is further distinguished by a fireplace and newly installed floor heater, while the remaining residences are equipped with wall heaters. Each unit benefits from its own individual water heater, and residents have access to a rear courtyard, common-area deck and tenant storage. A single-car garage, currently utilized for owner storage, provides additional utility and potential future flexibility. The property has been self-managed by the same ownership for approximately 29 years and reflects a history of attentive ownership and long-term tenant retention, with residents having occupied the property for as long as 20 years. Importantly, three of the four units have not received rent increases in years, creating a compelling opportunity for a new investor to capture meaningful rental upside over time while implementing a targeted capital improvement program. Original kitchens, cabinetry, appliances and interior finishes provide a clear pathway for strategic modernization and enhanced rental positioning. Combining a highly sought-after central San Diego location, historically stable occupancy, distinctive vintage character and significant embedded income growth potential, 215 Spruce Street offers investors an increasingly rare opportunity to acquire a manageable multifamily asset in one of San Diego's most established rental submarkets.
Details
| MLS # | 260024189SD |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1920 |
| Days On Site | 16 |
| Listing Provided By | Conor Brennan, Broker | Conor Brennan |
Features
| Story(s) | 2 |
|---|---|
| Units | 4 |
| Building(s) | 1 |
| Acreage | 0.05 |
| Property View | Yes |
Interior
| Cooling | Wall Window Units |
|---|---|
| Heating | Combination, Electric |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Appliances | Gas Water Heater |
Exterior
| Roof | Composition |
|---|---|
| Security Features | Gated Community |
Location
| Community Features | Gated |
|---|
Area Information
| State | CA |
|---|---|
| County | San Diego |
| City | San Diego |
| Zip Code | 92103 |
| Area | 92103 Mission Hills |
| Community Name | Hillcrest |
| Listing VS Median (in Hillcrest) | |
Price: $1,450,000 low | high Med: $589,900 On site: 16 low | high Med: 7 | |
Market Activity 92103
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Learn More About This Property
| State | CA |
|---|---|
| County | San Diego |
| City | San Diego |
| Zip Code | 92103 |
| Area | 92103 Mission Hills |
| Community Name | Hillcrest |
| Listing VS Median (in Hillcrest) | |
Price: $1,450,000 low | high Med: $589,900 On site: 16 low | high Med: 7 | |
 | $1,590,0003251 3rd AveSan Diego, CA 92103 |