3280 Olive Street
Lemon Grove, CA 91945
2.11 acres | #250033469SD
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.
Property Details
- Original List Price$15,995,000
- MLS #250033469SD
- MLS #250033469SD
- CountySan Diego
- Property TypePurchase
- Cost15995000
- Property SubtypeMixedUse
- Acres2.1059
Location
Legal
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Last Updated:Â . Source: CRMLS
Provided By
Listing Agent: Christina Labowicz (#SAND-681614)
Listing Office: ACI Apartments (#SAND-993356)
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