748 N 3rd St is a 17-unit San Diego multifamily asset offering large townhouse-style layouts, significant rental upside, and no local rent control. Located in the suburban, family-focused East County region of San Diego, this sprawling complex sits just 30 minutes from Downtown and presents a rare opportunity to acquire scale in one of Southern California’s most competitive and supply-constrained rental markets.

Built in 1982 and situated on nearly one acre, 748 N 3rd St features (17) 2-bedroom, 1.5-bath townhouse units, each measuring approximately 1,045 square feet. Every unit includes a private back patio and in-unit washer and dryer, providing tenants with spacious, low-density living that mirrors single-family home convenience. The property also offers ample surface parking and a well-maintained community pool, rounding out its appeal to long-term renters seeking a quiet, suburban lifestyle.

At the list price of $264,000 per unit and $254 per square foot, the property is offered at a strong basis with tremendous upside. With approximately 56% rental growth potential, a new owner can stabilize 748 N 3rd St at an 8.56% CAP rate and 8.50 GRM based on projected market rents for renovated townhomes in the area.

Importantly, this San Diego multifamily asset is not subject to local rent control and instead falls under California's AB-1482 regulations, which currently allow for annual increases of 5% plus CPI (currently 8.8%). This legislative framework provides greater flexibility and predictability for income growth.

Whether you’re a private investor or exchange buyer seeking scale, upside, and stability, 748 N 3rd St presents a rare opportunity to own a well-maintained, townhouse-style complex in one of San Diego’s most resilient rental corridors. The combination of unit mix, amenities, and rental growth potential positions this asset as a high-performing addition to any Southern California portfolio.