3280 Olive Street, Lemon Grove, CA 91945

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Kobe Zimmerman

Berkshire Hathaway Home Services California Properties

kobezimmerman@bhhscal.com +1(858) 753-3353

$15,995,000

Est. payment - /mo

4 Beds

3 Baths

64,000 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Sub Type Com-Res Income

Listing Status Pending

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

Fireplace No

Exterior

Parking Features Spaces

View Y/N No

Building

Story 2

Others

Tax ID 480-104-06-00

Virtual Tour https://www.propertypanorama.com/instaview/snd/250033469

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Listed by Christina M Labowicz ACI Apartments

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3280 Olive Street Lemon Grove, CA 91945