$15,995,000 - 3280 Olive Street, Lemon Grove

Lemon Grove Home Sale

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.