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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.
Property Type(s):
Residential Income
| Last Updated | 4/7/2026 | Year Built | 1964 |
|---|---|---|---|
| Community | 92105 - East San Diego | County | San Diego |
Additional Details
| AREA | 92105 - East San Diego |
|---|---|
| HEAT | None |
| LOT | 6608 sq ft |
| LOT DIMENSIONS | 6607 |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 2 |
Location
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The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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