Point Thirty 3034-3038 Newell St 5 Unit Apartment Building $2,875,000 ($575,000/Unit) 3.39% Cap Rate San Diego, CA 92106

Proud to present Point Thirty at 3034–3042 Newell Street, a turnkey five-unit multifamily investment opportunity ideally situated in the highly desirable Point Loma neighborhood of San Diego, California. Originally constructed in 1953 and reimagined through a comprehensive 2024 renovation, Point Thirty is positioned on an approximately 0.12-acre lot and offers ±3,197 rentable square feet of elevated living space.
Point Thirty carries the character that has long defined Old Point Loma: historic, graceful architecture, a peninsula setting that has never lost its pull, and a lifestyle shaped by the bay just beyond the block. The top-to-bottom renovation honors that heritage while layering in contemporary selections throughout. A multi-tone color palette brings warmth and dimension to the interiors, high-end finishes carry a consistent standard of quality from unit to unit, and well-planned custom lighting and fixtures, inside and out, add both security and beauty after dark.
The unit mix consists of four (1-bedroom / 1-bathroom) units and one (2-bedroom / 1-bathroom) unit, appealing to a wide range of renters including young professionals, military personnel, couples, and long-term residents seeking a refined standard of housing in one of San Diego's premier coastal communities. Among them is a newly constructed, freestanding bungalow with no shared walls and its own privacy-fenced yard.
Every home offers an LG full-size stackable washer and dryer, an LG dishwasher, remote-controlled mini-split air conditioning, and thoughtfully updated interiors designed for the way tenants live today. Five on-site parking spaces and two newly built from the ground up 10' x 12' private walk-in storage spaces round out the offering. The storage spaces are equipped with fans, multiple electrical outlets and lights allowing versatility to be used as office or studio space. The walk-in storage spaces also carry the potential for conversion into a second ADU, subject to approval. This rare feature allows a new investor to further maximize the property's vertical and income capacity over time without altering the existing footprint.
Set in a high-barrier-to-entry pocket of the peninsula, Point Thirty benefits from its proximity to San Diego Bay, Shelter Island, and the vibrant Liberty Station commercial district. Residents step directly into a matrix of waterfront retail, dining, and entertainment. The property also benefits from exceptional connectivity, located less than 2.5 miles from San Diego International Airport and just minutes from San Diego's most prestigious yacht clubs, enhancing appeal to both residents and visitors. Major thoroughfares sit moments away, allowing for a seamless commute to Downtown San Diego, local military bases, and the region's primary employment centers.