8837-8839 La Mesa Blvd
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8837-8839 La Mesa Blvd
4 Unit Apartment Building $1,299,000 ($324,750/Unit) 4.62% Cap Rate La Mesa, CA 91942
Investment Highlights
- Prime Location
- In-Unit Laundry
- Roof Replaced in 2023
- Well Maintianed
- Rental Upside
Executive Summary
Property Overview
8837-8839 La Mesa Blvd consists of four rentable units separated into two buildings. The structures are located on a 7,226 sq ft lot in the heart of La Mesa, California. All apartments are one bedroom one bath units that are approx. 506 sq ft each. Ownership has taken great care in rehabbing the inside and outside of the complex. All units have been renovated in the past ?ve years with laminate ?ooring, new countertops, stainless steel appliances, tiled bathrooms, dual paned windows, in unit laundry, and more. Roof was just replaced in 2023 as well. This represent an opportunity for an investor to acquire a well maintained asset in a highly desired rental community with rental upside.
Location Overview
La Mesa is known as the Jewel of the Hills with its tree-lined neighborhoods, its downtown village, and it’s very walkable streets set in the rolling hills of southwestern San Diego. La Mesa is the gateway to East County with access to all areas of San Diego through three major freeways, two trolley lines and ?ve trolley stations. A vibrant city, La Mesa is home to the Mt. Helix Park and Amphitheater, Lake Murray recreation area, and Mission Trails Park, including Cowles Mountain. Also nearby are Sun Valley Fairways Golf Course, SDSU, shopping, restaurant, theaters and the San Diego Trolley.
La Mesa borders the Lemon Grove/Spring Valley to the South, Santee to the North, El Cajon to the East and San Diego to the West. Only a 15 minute drive to Downtown San Diego and the beaches, La Mesa is a short drive to all major employment centers including Mission Valley, Kearny Mesa, Downtown San Diego, University Towne Centre, Sorrento Valley, North and South San Diego County. La Mesa’s near perfect climate, its 14 public parks, a variety of housing, and multiple commercial and retail areas, make it a highly desirable community in which to live work and conduct business. a variety
8837-8839 La Mesa Blvd consists of four rentable units separated into two buildings. The structures are located on a 7,226 sq ft lot in the heart of La Mesa, California. All apartments are one bedroom one bath units that are approx. 506 sq ft each. Ownership has taken great care in rehabbing the inside and outside of the complex. All units have been renovated in the past ?ve years with laminate ?ooring, new countertops, stainless steel appliances, tiled bathrooms, dual paned windows, in unit laundry, and more. Roof was just replaced in 2023 as well. This represent an opportunity for an investor to acquire a well maintained asset in a highly desired rental community with rental upside.
Location Overview
La Mesa is known as the Jewel of the Hills with its tree-lined neighborhoods, its downtown village, and it’s very walkable streets set in the rolling hills of southwestern San Diego. La Mesa is the gateway to East County with access to all areas of San Diego through three major freeways, two trolley lines and ?ve trolley stations. A vibrant city, La Mesa is home to the Mt. Helix Park and Amphitheater, Lake Murray recreation area, and Mission Trails Park, including Cowles Mountain. Also nearby are Sun Valley Fairways Golf Course, SDSU, shopping, restaurant, theaters and the San Diego Trolley.
La Mesa borders the Lemon Grove/Spring Valley to the South, Santee to the North, El Cajon to the East and San Diego to the West. Only a 15 minute drive to Downtown San Diego and the beaches, La Mesa is a short drive to all major employment centers including Mission Valley, Kearny Mesa, Downtown San Diego, University Towne Centre, Sorrento Valley, North and South San Diego County. La Mesa’s near perfect climate, its 14 public parks, a variety of housing, and multiple commercial and retail areas, make it a highly desirable community in which to live work and conduct business. a variety
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $90,192 | $28.04 |
Other Income | - | - |
Vacancy Loss | $2,706 | $0.84 |
Effective Gross Income | $87,486 | $27.20 |
Taxes | $14,679 | $4.56 |
Operating Expenses | $12,840 | $3.99 |
Total Expenses | $27,519 | $8.56 |
Net Operating Income | $59,967 | $18.65 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $90,192 |
Annual Per SF | $28.04 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | $2,706 |
Annual Per SF | $0.84 |
Effective Gross Income | |
---|---|
Annual | $87,486 |
Annual Per SF | $27.20 |
Taxes | |
---|---|
Annual | $14,679 |
Annual Per SF | $4.56 |
Operating Expenses | |
---|---|
Annual | $12,840 |
Annual Per SF | $3.99 |
Total Expenses | |
---|---|
Annual | $27,519 |
Annual Per SF | $8.56 |
Net Operating Income | |
---|---|
Annual | $59,967 |
Annual Per SF | $18.65 |
Property Facts
Price | $1,299,000 | Building Class | C |
Price Per Unit | $324,750 | Lot Size | 0.16 AC |
Sale Type | Investment | Building Size | 3,216 SF |
Cap Rate | 4.62% | Average Occupancy | 100% |
Gross Rent Multiplier | 14.4 | No. Stories | 1 |
No. Units | 4 | Year Built/Renovated | 1952/2021 |
Property Type | Multifamily | Parking Ratio | 1.24/1,000 SF |
Property Subtype | Apartment |
Price | $1,299,000 |
Price Per Unit | $324,750 |
Sale Type | Investment |
Cap Rate | 4.62% |
Gross Rent Multiplier | 14.4 |
No. Units | 4 |
Property Type | Multifamily |
Property Subtype | Apartment |
Building Class | C |
Lot Size | 0.16 AC |
Building Size | 3,216 SF |
Average Occupancy | 100% |
No. Stories | 1 |
Year Built/Renovated | 1952/2021 |
Parking Ratio | 1.24/1,000 SF |
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
1+1 | 4 | $1,800 | 506 |
Walk Score ®
Very Walkable (85)
PROPERTY TAXES
Parcel Number | 494-220-07 | Total Assessment | $436,961 (2024) |
Land Assessment | $263,686 (2024) | Annual Taxes | $14,679 ($4.56/SF) |
Improvements Assessment | $173,275 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
494-220-07
Land Assessment
$263,686 (2024)
Improvements Assessment
$173,275 (2024)
Total Assessment
$436,961 (2024)
Annual Taxes
$14,679 ($4.56/SF)
Tax Year
2023
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8837-8839 La Mesa Blvd
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