Serra Vista 3346 Lockwood Dr 6 Unit Apartment Building $2,645,000 ($440,833/Unit) 5.26% Cap Rate San Diego, CA 92123

Whitewater Commercial Real Estate is proud to present Serra Vista, a newly constructed and fully renovated six-unit multifamily offering located at 3346 Lockwood Drive in the vibrant Serra Mesa neighborhood of San Diego.
This boutique asset consists of a fully renovated 3-bedroom /2-bath front house (originally built in 1960) with an attached 1-bedroom / 1-bath unit, along with four newly constructed detached 1-bedroom / 1-bath units completed in 2025. Each unit features modern interior finishes, private fenced outdoor space, in-unit laundry, and energy-efficient systems.
The property is fully leased and offers investors a stabilized, low-maintenance asset with long-term upside. The four brand new units are exempt from California’s AB 1482 rent control regulations for 15 years, providing excellent flexibility for future rent increases. With all major systems newly installed, solar-powered electric offset, and contemporary design throughout, Serra Vista represents a truly turnkey opportunity in a high-demand central San Diego submarket.
Unlike most apartment inventory in San Diego, which often consists of aging 1960s-70s construction, Serra Vista stands out as a rare newer-construction offering. Investors
benefit from modern infrastructure and design, reduced insurance premiums, and minimal ongoing maintenance. There are no looming code upgrades, plumbing or electrical issues, or legacy tenant challenges common with older rent-controlled buildings. This is a true “set-it-and-forget-it” asset, ideal for investors seeking peace of mind and future-proof returns.