3280 Olive Street new Save Request In-Person Tour Request Virtual Tour
Lemon Grove,CA 91945
Key Details
Property Type Single Family Home, Condo
Sub Type Com-Res Income
Listing Status Active
Purchase Type For Sale
Square Footage 64,000 sqft
Price per Sqft $249
MLS Listing ID 250033469
Bedrooms 4
Property Sub-Type Com-Res Income
Property Description
Introducing the Olive Tree Apartments—a pride-of-ownership, 64-unit multifamily investment offering both immediate income and significant rental upside. Situated on over 2 acres in the heart of Lemon Grove, this well-maintained asset boasts a current GSI of ~$93,000/month with a projected 38% rental upside. The spacious unit mix features 1BR/1BA (677 SF) and 2BR/1.5BA (833 SF) floor plans. Select interiors have already been upgraded, including a 1-bedroom unit that recently leased at $1,950 within days—validating the market potential. A detailed 5-year value-add strategy and rent increase schedule are available upon request. Community amenities include gated entry, off-street parking, laundry room, office, grill and a pool & spa—enhancing tenant retention and lifestyle appeal. With a Walk Score of 90, the property is steps from grocery stores, schools, public transit, and minutes to Downtown San Diego. Large-scale properties with remaining upside are increasingly rare in the San Diego market—this is a unique opportunity to acquire both stability and growth in a supply-constrained region.
Location
State CA
County San Diego
Community Bbq,Heated Pool,Spa
Area East County
Interior
Heating Wall
Cooling Wall/Window
Flooring Slab
Exterior
Parking Features Spaces
View Y/N No
Building
Story 2