3280 Gillette Street, San Diego, California 92102, San Diego, 92102 - 3 bed, 2 bath
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3280 Gillette Street
San Diego, California 92102
ACTIVE
CONDITION: POOR
3Beds
2Baths
1,313Sq Ft
5,129Lot Size
Property Price
LIST PRICE$800,000
EST. MARKET VALUE
$774,762
3% AboveMARKET VALUE
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $850,000—positioned well above the $728,896 Fair Market Value by -16%. Featuring City-Approved Plans for a 4-unit development and an assumable 2.75% FHA loan, this asset offers a unique financing edge for scaling in a supply-constrained market. With a Condition Rating of 5, the existing structure requires significant repositioning. This is a strategic acquisition ideal for Buy-and-Hold Investors or Professional Developers seeking to execute a high-density value-add project.
Estimated Market Value
$774,762
Based on Realkey algorithm analyzing recent comparable sales in San Diego.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3280 Gillette Street Subject | $800,000* List Price | 3 | 2 | 1,313 | $590 | - |
A 2749 Market Street Pending | $700,000 List Price | 2 | 2 | 1,338 | $523 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Poor
TeardownExcellent
Property is extensive renovation needed.
Built in 1955 (69 years old) and marketed primarily as a development opportunity for 4 units; the existing structure is dated and requires major rehab or replacement to reach highest value.
PROSSTRENGTHS & OPPORTUNITIES
- Shovel-Ready Development
The property includes city-approved plans for a 4-unit complex, eliminating the most time-consuming, expensive, and risky phase of the development process for investors.
- Exceptional Financing
An assumable FHA loan at a 2.75% interest rate provides a massive financial advantage, significantly reducing monthly carrying costs compared to current market rates.
- High-Density Value Add
The transition from a single 3-bedroom home to a 10-bedroom, 8-bathroom multi-unit project offers substantial potential for increased after-repair value and rental yield.
CONSRISKS & DEFICIENCIES
- MLS Listing Discrepancy
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1313, other record living area = 1086.
- Mediocre School Ratings
Most assigned public schools in the immediate area carry lower ratings (ranging from 3 to 5), which may impact long-term resale appeal to families.
- Assumption Complexity
While the 2.75% rate is attractive, the loan assumption process is subject to strict lender approval and buyer qualification, which can complicate or delay the closing process.
About 3280 Gillette Street
CITY APPROVED PLANS!!! Rare development opportunity in San Diego's 92102 — with a rare financing edge. This 3BR/2BA, 1,313 sqft home sits on a 5,129 sqft lot The real value: city-approved plans to build 4 units totaling 3,839 sqft (10 bedrooms, 8 bathrooms). The slowest, riskiest, most expensive phase of any project — securing city approval — is already behind you, giving builders and investors a clear head start toward execution and after-repair value. Hold or rent the existing home while you plan, or move straight to construction. Ideal for developers, investors, and value-add buyers seeking scale in a supply-constrained market. Buyer to independently verify all plans, permits, and development rights with the City.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1955
- Lot Size
- 5,129 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
San Diego Unified Schools
Kimbrough Elementary School
Grades K-5 • 0.6 mi
3/10
Rodriguez Elementary School
Grades K-5 • 0.6 mi
4/10
Emerson/Bandini Elementary School
Grades K-6 • 0.8 mi
3/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.3 |
| Baths | 2.0 | 2.3 |
| Square foot | 1,313 | 1,777.941 |
| Lot Size | 5,129 | 6,474.445 |
| Price | $800.0K | $1.27M |
| Price per sq ft | $609 | $741 |
| Built year | 1955 | 1971 |
| HOA | $0 | $184 |
| Days on market | 47 | 40 |
Pricing History
Listed for Sale
Sep 3, 2026
$800,000
$850,000
-6% Price Drop
Initial Listing
Price Change
Jul 24, 2026
$850,000
Initial Listing
Sold
Aug 3, 2021
$670,000
Public Record
Sold
Sep 14, 2015
$295,500
Public Record
Sold
Apr 12, 2001
$137,000
Public Record