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Casa Verde Apartments 7629-7633 Normal Ave

21 Unit Apartment Building $6,995,000 ($333,095/Unit) 4.75% Cap Rate La Mesa, CA 91941

Investment Highlights

  • Ability to build 9+ units on back site
  • Laundry owned on site + secure office & maintenance room
  • Newer roof, windows & pool
  • 21 clean units
  • 44,295 sq ft lot
  • High historical occupancy

Executive Summary

The Casa Verde Apartments are a beautiful 21-unit complex in the highly sought-after La Mesa market. The complex has a premier unit mix of twenty large (2 bed/1 bath 850 sq ft) units and one (1 bed/1 bath 500 sq ft) unit. Over half of the units have been completely renovated over the last several years at each lease-turn. This rare asset offers over one full acre of land, approximately 18k square feet of which has the ability to develop a minimum of 9 more units. The subject property gives new ownership maximum flexibility -Value-add with minimal outlay of capital necessary along with a lucrative future development opportunity.
Casa Verde is wood frame construction with stucco exteriors and an Owens Corning 30+ year pitched composition roofs - roof replacement was completed 8 years ago. There are two buildings located around the gated on-site parking with a courtyard affronting the gated and resurfaced pool/BBQ area along with owned on- site laundry. There is even a secure office + maintenance room for on-site management. All units have newer tile in the bathrooms and kitchens and newer cabinetry throughout with continuous upgrade of flooring at every lease-turn. All units have been repainted with high quality Sherwin-Williams product. 100% of the bathrooms have new Milgard dual pane windows for ventilation, with many also having accompanying bathroom fans. Most units have upgraded wall heaters.

Financial Summary (Actual - 2023) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2023) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $6,995,000
Price Per Unit $333,095
Sale Type Investment
Cap Rate 4.75%
Gross Rent Multiplier 13.8
No. Units 21
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.58 AC
Building Size 17,095 SF
Average Occupancy 100%
No. Stories 2
Year Built/Renovated 1958/2013
Parking Ratio 1.58/1,000 SF

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Disposal
  • Heating
  • Ceiling Fans
  • Tile Floors
  • Kitchen
  • Oven
  • Range
  • Yard
  • Dining Room
  • Double Pane Windows
  • Vinyl Flooring
  • Window Coverings

Site Amenities

  • Laundry Facilities
  • Pool
  • Property Manager on Site
  • Gated
  • Lounge
  • Sundeck

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 1 $2,090 500
2+1 20 $1,600 780
Walk Score ®
Very Walkable (70)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
475-100-37
Land Assessment
$1,724,968 (2024)
Improvements Assessment
$2,527,417 (2024)
Total Assessment
$4,252,385 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023

zoning

Zoning Code R3 (Multiple-Family Residential Zone)
R3 (Multiple-Family Residential Zone)
  • Listing ID: 33869818

  • Date on Market: 11/14/2024

  • Last Updated:

  • Address: 7629-7633 Normal Ave, La Mesa, CA 91941

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