Investment Overview

Marcus & Millichap is proud to present Point Thirty at 3034–3042 Newell Street, a turnkey five-unit multifamily investment opportunity ideally situated in the highly desirable Point Loma neighborhood of San Diego, California. Originally constructed in 1953 and reimagined through a comprehensive 2024 renovation, Point Thirty is positioned on an approximately 0.12-acre lot and offers ±3,197 rentable square feet of elevated living space. Point Thirty carries the character that has long defined Old Point Loma: historic, graceful architecture, a peninsula setting that has never lost its pull, and a lifestyle shaped by the bay just beyond the block. The top-to-bottom renovation honors that heritage while layering in contemporary selections throughout. A multi-tone color palette brings warmth and dimension to the interiors, high-end finishes carry a consistent standard of quality from unit to unit, and well-planned custom lighting and fixtures, inside and out, add both security and beauty after dark. The unit mix consists of four (1-bedroom / 1-bathroom) units and one (2-bedroom / 1-bathroom) unit, appealing to a wide range of renters including young professionals, military personnel, couples, and long-term residents seeking a refined standard of housing in one of San Diego's premier coastal communities. Among them is a newly constructed, freestanding bungalow with no shared walls and its own privacy-fenced yard. Every home offers an LG full-size stackable washer and dryer, an LG dishwasher, remote controlled mini-split air conditioning, and thoughtfully updated interiors designed for the way tenants live today. Five on-site parking spaces and two newly built from the ground up 10' x 12' private walk-in storage spaces round out the offering. The storage spaces are equipped with fans, multiple electrical outlets and lights allowing versatility to be used as office or studio space. The walk-in storage spaces also carry the potential for conversion into a second ADU, subject to approval. This rare feature allows a new investor to further maximize the property's vertical and income capacity over time without altering the existing footprint.