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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

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
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)
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
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
  • Listing ID: 34196136

  • Date on Market: 12/13/2024

  • Last Updated:

  • Address: 8837-8839 La Mesa Blvd, La Mesa, CA 91942

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