3035-39 Macaulay

San Diego, CA 92106

A Rare Point Loma Investment Opportunity — Steps from Liberty Station Don't miss your chance to own this well-maintained six-unit apartment complex in one of San Diego's most sought-after neighborhoods. Ideally situated directly across from Liberty Station, this property offers the perfect combination of location, recent capital improvements, and immediate upside potential. The seller has invested significantly in the property's future, with a full electrical panel upgrade completed in 2025, major plumbing upgrades in 2023, and two remodeled bathrooms in 2026 — meaning a new owner can enjoy reduced maintenance costs and peace of mind from day one. With units that lease quickly upon vacancy and several currently rented below market rate, there is meaningful room to increase rents and boost returns over time. Additional income is generated through an on-site coin-operated laundry facility, and ample off-street parking is available for all units — a premium amenity in this highly walkable neighborhood. This is a motivated seller offering a competitively priced asset with a strong projected cap rate of 5.15 — making this an exceptional value in today's San Diego market. Expenses shown in listing and used to calculate cap rates are for the 2025 tax year and include water, SDGE, property insurance, current property tax, gardener, and property management fees. Current property manager charges 8% of rents for the property management fee, which could be saved if the buyer self manages. Tenants are paying for trash collection.

Listed by Neil Harris of Three Guys Properties, Inc. (619) 417-2824



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Last checked 2026