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$ 14,250,000
$ 15,995,000 10.9%
Est. payment | /mo
4 Beds
64,000 SqFt
$ 14,250,000
$ 15,995,000 10.9%
Est. payment | /mo
4 Beds
64,000 SqFt
Key Details
Sold Price $14,250,000
Property Type Multi-Family
Sub Type Com-Res Income
Listing Status Sold
Purchase Type For Sale
Square Footage 64,000 sqft
Price per Sqft $222
MLS Listing ID 250033469
Sold Date 10/24/25
Bedrooms 4
Lot Size 2.106 Acres
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
Total Parking Spaces 80
Building
Story 2
Others
Senior Community No
Tax ID 480-104-06-00
Listed by Christina M Labowicz ACI Apartments
Bought with Corey McHenry David Santistevan
Bought with Corey McHenry David Santistevan
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Krystal Lane
Partner | Lic# 1918284