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3877 Menlo Avenue, San Diego, CA 92105

$2,300,000 Approx. USD 0 beds, 0 baths

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Marketed By Hope Leitner, Hope Opens Doors REALTOR® - Sales Associate 858-808-1050 m
Lic#: 01874321
NRDS ID: 196547017
hope@cdhorn.com Del Mar Office
3790 Via De La Valle, Ste, 201
Del Mar, CA 92014
Phone: 858-259-6400
Fax: 858-481-1483

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Listing Agent

Maxwell Brown | mbrown@caacre.com
Lic#: 02127395
Broker: Courtesy of Commercial Asset Advisors
Phone: 925-872-6746

Agent Remarks

3877 Menlo Avenue presents an attractive opportunity to acquire a well located, value-add multifamily asset at a low price per unit in Central San Diego’s high-demand, but still affordable workforce housing market. The property consists of 10 units totaling 5,788 rentable square feet on a 6,607 SF lot, featuring an efficient unit mix of (8) 1 Bed / 1 Bath and (2) 2 Bed / 1 Bath units, complemented by 10 off-street parking spaces. The 1 bedroom units are oversized and possess walk-in closets. The property produces $213-216k annual income yielding a 5.48% cap rate with strong upside to a projected 7.04% cap rate upon full renovation and lease-up to market rents. Built in 1964, the asset offers classic walk-up construction with a pitched roof and a secure, fully gated courtyard. Recent exterior improvements include a full paint completed in 2025. Three units have been renovated, providing a clear path for continued interior upgrades to capture significant rental upside. Additional income potential exists through the implementation of a utility billback program. The property benefits from excellent accessibility to major employment hubs including Downtown San Diego, North Park, Mission Valley, SDSU, USD, and Naval Base San Diego. Convenient access to I-15, I-805, I-8, and SR-94 further enhances tenant demand and long-term investment stability. The asset is situated walking distance to City Heights Park, City Heights Shopping Center, Rady’s Urgent Care, and a variety of neighborhood dining and retail options including Eagles Market, The Tower Bar, Key & Cleaver, and Cafeina Café.

Listing Details

Property type: (Multi-Family)

Status: Pending

MLS# PTP2602399

Price: $2,300,000

HOA Fee is $0.00

Beds: 0

Baths: 0

Built in 1964

0.15 acres

Lot size: 0.1517

County: San Diego

Zoning: CC 5-4

Lot description: ThirtySixToFortyUnitsAcre

MLS area: 92105 - East San Diego

Last Updated: 6/6/2026

Days On Market (DOM): 59

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This listing belongs to the 92105 - East San Diego MLS area

Lat/Long: 32.749100, -117.094153.
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Previous Listing

Photo of Hope Leitner

Hope Leitner, Hope Opens Doors REALTOR® - Sales Associate 858-808-1050 m
Lic#: 01874321
NRDS ID: 196547017
hope@cdhorn.com
Del Mar Office
3790 Via De La Valle, Ste, 201
Del Mar, CA 92014