3280 Olive St - Apartments FOR SALE


Lemon Grove, CA 91945
$15,995,000 USD
858-876-5701
3280 Olive St, Lemon Grove, CA for Sale
$15,995,000 USD
Apartments - FOR SALE
1/25
null | Request Cap Rate

3280 Olive St
Lemon Grove, CA 91945


OVERVIEW

Introducing the Olive Tree Apartments—a pride-of-ownership, self managed, 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.

FOR SALE DETAILS

PRICE

$15,995,000 USD

PRICE/SF

$349 USD /SF

# OF UNITS

64

PRICE/UNIT

$249,922

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Olive Tree Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1975

PARKING SPACES

80

LAND DETAILS

LAND ACRES

2.1 AC

LAND SF

91,476 SF

ZONING

C

APN/PARCEL ID

480-104-05,480-104-06

ASK ABOUT THIS PROPERTY

Christina LabowiczACI ApartmentsMore Info
858-876-5701

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Christina LabowiczACI ApartmentsMore Info
858-876-5701

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.