25
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$14,250,000
$15,995,000 10.9%
Est. payment /mo
2.11 Acres Lot
Sold on 10/24/2025
3280 Olive Street Lemon Grove, CA 91945
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Key Details
Sold Price $14,250,000
Property Type Commercial
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 250033469SD
Lot Size 2.106 Acres
Property Sub-Type Mixed Use
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
Area 91945 - Lemon Grove
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Listed by Christina Labowicz ACI Apartments
Bought with Corey McHenry David Santistevan
Bought with Corey McHenry David Santistevan
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