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2840-2844 Olive St

Lemon Grove, CA 91945
  • $1,435,000
  • STATUS: ACTIVE
  • ON SITE: 28 Days
  • ID#: 240028507
UPDATED: 44 min ago
$1,435,000
  • 9
    BEDS
  • 0.16
    ACRES
  • 6
    BATHS
  • 0
    1/2 BATHS
  • 3,159
    SQFT
  • $454
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1947
County:

Description

Welcome to this exceptional multi-unit property in Lemon Grove, with a total of four distinct units. Each unit features a private entrance and outdoor living area, fully enclosed by 6-foot vinyl fencing. The property offers six off-street parking spots, with two dedicated spaces per unit. The sale includes a fully permitted, brand-new unit built in 2024, offering 1,109 sq. ft. with three bedrooms and two bathrooms. Additionally, the attach, constructed in 2018, provides 540 sq. ft. with two bedrooms and one bathroom. The main house, originally built in 1947, has undergone multiple expansions, resulting in a total of 1,460 sq. ft. with all but about 800 sq. ft. being new construction. The unit has 3 bedrooms, 2 bathrooms, a side yard with turf, and a gated front yard. There is also an attached 1 bed & 1 bath with a separate private entrance and kitchenette. Each unit is equipped with HVAC or mini-split systems, natural gas tankless water heaters, natural gas dryer and washer hookups, and natural gas ranges. Two units also feature dishwashers. The roofing for all units was updated in either 2018 or 2024. Upgrades throughout the property include vinyl plank flooring, custom cabinetry, quartz countertops, custom tile in all bathrooms, ceiling fans in all rooms, and electronic door locks. The main house boasts a custom shower with a whirlpool tub, custom closets in all bedrooms, EV readiness, pull-down attic stairs, an attic fan, surround sound, and smart home features. All units have durable Hardy board exteriors. the units are completely independent, accessed via a city-owned alley, while the main house shares one common wall with the 2 bed, 1 bathroom unit. Additional amenities include an RV sewer dump line, pull-down attic stairs for extra storage in the main house, two outdoor patio pergolas, and three storage sheds. The property also features separate electric meters for each unit, with shared water and natural gas, and exterior security cameras for added safety. Turf covers the front and side yards. All building plans and permits are available, ensuring compliance and transparency. Located within the Helix High School catchment area, no lottery is required for enrollment.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2025 San Diego MLS, Inc. Licensed in the state of California.
www.redtreerealty.com/homes/158806202
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2840-2844 Olive St Lemon Grove, CA 91945

  • Price: $1,435,000
  • Status: ACTIVE
  • On Site: 28 Days
  • Updated: 44 min ago
  • ID#: 240028507
9
Beds
6
Baths
0
½ Baths
0.16
Acres
3,159
SQFT
$454
$/SQFT
1947
Built
Neighborhood:
Lemon Grove
County:
San Diego
Area:
Lemon Grove (91945)
Elementary School:
Lemon Grove School Distict
Middle School:
Lemon Grove School Distict
High School:
Grossmont Union High School District
Property Description
Welcome to this exceptional multi-unit property in Lemon Grove, with a total of four distinct units. Each unit features a private entrance and outdoor living area, fully enclosed by 6-foot vinyl fencing. The property offers six off-street parking spots, with two dedicated spaces per unit. The sale includes a fully permitted, brand-new unit built in 2024, offering 1,109 sq. ft. with three bedrooms and two bathrooms. Additionally, the attach, constructed in 2018, provides 540 sq. ft. with two bedrooms and one bathroom. The main house, originally built in 1947, has undergone multiple expansions, resulting in a total of 1,460 sq. ft. with all but about 800 sq. ft. being new construction. The unit has 3 bedrooms, 2 bathrooms, a side yard with turf, and a gated front yard. There is also an attached 1 bed & 1 bath with a separate private entrance and kitchenette. Each unit is equipped with HVAC or mini-split systems, natural gas tankless water heaters, natural gas dryer and washer hookups, and natural gas ranges. Two units also feature dishwashers. The roofing for all units was updated in either 2018 or 2024. Upgrades throughout the property include vinyl plank flooring, custom cabinetry, quartz countertops, custom tile in all bathrooms, ceiling fans in all rooms, and electronic door locks. The main house boasts a custom shower with a whirlpool tub, custom closets in all bedrooms, EV readiness, pull-down attic stairs, an attic fan, surround sound, and smart home features. All units have durable Hardy board exteriors. the units are completely independent, accessed via a city-owned alley, while the main house shares one common wall with the 2 bed, 1 bathroom unit. Additional amenities include an RV sewer dump line, pull-down attic stairs for extra storage in the main house, two outdoor patio pergolas, and three storage sheds. The property also features separate electric meters for each unit, with shared water and natural gas, and exterior security cameras for added safety. Turf covers the front and side yards. All building plans and permits are available, ensuring compliance and transparency. Located within the Helix High School catchment area, no lottery is required for enrollment.
Exterior Features

Exterior Vinyl Fencing Full Parking Garage Spaces Unit1 0 Parking Garage Spaces Unit2 0 Parking Garage Spaces Unit3 0 Parking Non Garage Desc Unit1 AssignedUncovered Parking Non Garage Desc Unit2 AssignedUncovered Parking Non Garage Desc Unit3 AssignedUncovered Roof Composition Site Alley Access Topography Slope Gentle Unit1 Exclusive Use Yard Yes Unit2 Exclusive Use Yard Yes Unit3 Exclusive Use Yard Yes Unit4 Exclusive Use Yard Yes Units With Garages 0 Units With Patios 4 View Mountains/Hills

Interior Features

Cooling Central Forced AirHeat Pump(s) Furnished Units 0 Half Baths Unit1 0 Half Baths Unit2 0 Half Baths Unit3 0 Half Baths Unit4 0 Heat Equipment Forced Air Unit Heat Source ElectricNatural Gas Stories 2 Story Total Baths Unit1 2 Total Baths Unit2 1 Total Baths Unit3 2 Total Baths Unit4 1 Unit1 Laundry Hook Ups Yes Unit2 Laundry Hook Ups Yes Unit3 Laundry Hook Ups Yes Unit4 Laundry Hook Ups Yes Units With Cooling 4 Units With Dishwashers 2 Units With Dryers 3 Units With Fireplaces 0 Units With Range Oven 4 Units With Refrigerators 4 Units With Washers 3 Water Heater Type Gas

Property Features

Actual Cap Rate 7.7 Age Restrictions N/K Annual Expense Actual 13899 Annual Expense Projected 24635 Association ID San Diego Association of REALTORS (SDAR) Buildings 2 Cfd Mello Roos Fee 0.0 Community LEMON GROVE Complex Park N/K Cross Streets Burnel Ave Gross Rent Multiplier Actual 11.44 Gross Rent Multiplier Project 10.86 Gross Scheduled Income Actual 129564 Gross Scheduled Income Project 132144 Home Owners Fees 0.0 Mandatory Remarks None Known Market Area East County Monthly Total Fees 0 Net Operating Income Projected 107509 Other Fees 0.0 Other Income Actual 0 Projected Cap Rate 7.5 Sales Restrictions N/K Security Eqpt OwnedN/K Sewer Septic Sewer Connected Short Sale No Tenant Pays Electricity Terms AssumableCashConventionalFHAVA Unit Number For Unit1 2840 Unit Number For Unit2 2842 Unit Number For Unit3 2844 Unit Number4 2840 1/2 Unit1 Deposit 3682 Unit1 Occupied Owner Unit1 Projected Rent 4000.0 Unit1 Rent Actual 3682.0 Unit2 Deposit 2200 Unit2 Occupied Tenant Unit2 Projected Rent 2500.0 Unit2 Rent Actual 2200.0 Unit3 Deposit 3400 Unit3 Occupied Tenant Unit3 Projected Rent 3600 Unit3 Rent Actual 3382.0 Unit4 Deposit 1500 Unit4 Occupied Owner Unit4 Projected Rent 1550 Unit4 Rent Actual 1533.0 Water Meter on Property

San Diego MLS logo Listing provided courtesy of Bryan Mancuso of eXp Realty of California, Inc.: 858-254-1207. Listing information © 2025 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2025 San Diego MLS, Inc. Licensed in the state of California.
 
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