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1138-42 S 35th St offers a rare opportunity to own a NEW CONSTRUCTION, income-producing triplex in the heart of Southcrest"”one of Southeastern San Diego's most desirable rental markets. Situated on a single parcel, this property features three standalone structures: a 2Bed/1Bath unit leased at $2,166 per month, a new two-story 3Bed/2.5Bath unit leased at $3,250 per month, and a recently built 4Bed/2Bath unit leased at $3,480 per month. Recent upgrades further enhance long-term stability and ease of ownership. All three homes were equipped in 2020 with new ABS plumbing lines directly to the main. Two of the homes also feature tankless water heaters installed in 2020, while the third received a new standard water heater in 2022. At 3488 Boston Ave, tenants enjoy brand new tuff landscaping and an added parking space"”boosting both curb appeal and functionality. The property generates a current gross scheduled income of $106,752 and supports a 5.1% cap rate at the reduced asking price, delivering strong cash flow and minimal overhead. Tenants pay for SDGE and water, and operating expenses remain low due to the property's turnkey condition. Located just minutes from Downtown San Diego, Southcrest continues to attract strong tenant demand thanks to its walkability, vibrant culture, and quick freeway access. This is an ideal opportunity for investors seeking a high-performing asset in a growing urban market.
Property Type(s):
Residential Income
| Last Updated | 9/19/2025 | Tract | Logan Heights |
|---|---|---|---|
| Year Built | 2020 | Community | 92113 - Logan Heights |
| County | San Diego |
Price History
| Prior to Jul 28, '25 | $1,649,000 |
|---|---|
| Jul 28, '25 - Aug 29, '25 | $1,599,000 |
| Aug 29, '25 - Sep 19, '25 | $1,550,000 |
| Sep 19, '25 - Today | $1,475,000 |
Additional Details
| AIR CONDITIONING | Yes |
|---|---|
| AREA | 92113 - Logan Heights |
| LOT | 9078 sq ft |
| STORIES | 2 |
| SUBDIVISION | Logan Heights |
Location
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Listed with Nara Advisors, Inc.
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