2832 K St 3 Unit Apartment Building Offered at $1,280,000 at a 4.19% Cap Rate San Diego, CA 92102

Prime Investment Duplex with 3rd Level Bonus unit that adds 1189sf! – 2832 & 2834 K Street, San Diego. Owner may be open to seller financing. Reach out for the OM which provides more detail on property. Each unit includes a bonus room which are being used as bedrooms and is why the rental income is so high ($6790/month). This can also be used as a home office. THESE UNITS ARE ESSENTIALLY 3B UNITS.
Virtual Tour - https://www.zillow.com/view-3d-home/6a317ae1-8351-4be0-a606-5833f56266e8/?utm_source=captureapp
Virtual Tour Addition - https://www.zillow.com/view-3d-home/df0511cf-05c0-4b22-aea2-b8cf7afb7e49/?utm_source=captureapp
Presenting an exceptional opportunity to acquire a versatile and income-generating duplex in a centrally located and high-demand area of Grant Hill San Diego. 2832 and 2834 K Street offer two spacious 2-bedroom, 2-bathroom units, each boasting approximately 1,260 square feet of living space for a total of 2561sf. Each unit includes a bonus room—ideal for use as a home office or easily converted into a third bedroom—enhancing both functionality and rental value.
What truly sets this property apart is the expansive third-floor permitted recreation space, encompassing an estimated 1,189 square feet (total of 3683sf for building if included). This fully approved and permitted attic area offers tremendous upside potential. Investors have the flexibility to:
Convert the space into a standalone 3-bedroom, 2-bathroom unit, generating an additional income stream, or integrate it with the 2834 K Street unit to create a large, multi-level residence with expanded bedroom and bathroom counts, catering to tenants seeking more spacious accommodations.
Highlights include:
-Off-street parking available for tenants, supplemented by abundant street parking
-Select units feature recently upgraded appliances
-Strong potential for increased rental income through unit upgrades and redevelopment for attic
-All rough in work (electrical, plumbing) is complete in the third level room
2832 K Street is leased on a 12-month lease at $3,540/month, with the owner covering water and electric.
2834 K Street operates on a month-to-month lease at $3225/month, with the owner covering water and the tenant responsible for electric and all other utilities.
Positioned in Grant Hill, a neighborhood experiencing rapid revitalization with new developments, infrastructure upgrades, and growing tenant demand. This property offers both stability through current rents and substantial upside through redevelopment and unit expansion, making it ideal for investors, developers, or owner-occupiers looking to add long-term value.
This property boasts significant advantages, including ample parking for current and future tenants. The off-street parking provides at least twelve accessible spaces, despite no assigned spots due to a nearby school. Additionally, four off-street parking spaces, highlighted in red, offer secure vehicle storage and add value to the property. This area also allows flexibility for future development, making it appealing to potential buyers or investors seeking growth opportunities.