7645 Pacific Ave - Apartments FOR SALE


Lemon Grove, CA 91945
$9,200,000 USD
720-841-8139
7645 Pacific Ave, Lemon Grove, CA for Sale
$9,200,000 USD
Apartments - FOR SALE
1/18
null | 5.75% Cap Rate

7645 Pacific Ave
Lemon Grove, CA 91945


HIGHLIGHTS

  • 42-Unit Gated Community (Built in 1969) With Pool In Gentrifying Lemon Grove
  • Upgrades: Roof (2011), Electrical Upgrades (2023–2024), Paint (2025), Parking Lot (2019)
  • Value-Add Interior Upside: Renovated Units Provide A Proven Model For Rent Growth
  • Attractive Unit Mix: 30 1-Bedroom / 1 Bath & 12 2-Bedroom / 1 Bath Units
  • 51 Off-Street Parking Spaces, On-Site Laundry, Outdoor Grilling Area

OVERVIEW

We are pleased to present 7645 Pacific Avenue, a 42-unit gated multifamily community built in 1969 and located in the heart of Lemon Grove, CA. The property features a desirable unit mix of 30 one-bedroom/ one-bath units and 12 two-bedroom/one-bath units, catering to a broad tenant base in an affordability-driven submarket. The property features a private courtyard pool, gas BBQ area, onsite laundry room with three washer and three dryers and secure gated entry. The asset has benefited from significant capital improvements, reducing near-term deferred maintenance and enhancing operational efficiency. Recent upgrades include a full roof replacement (2011, with warranty through 2031), upgraded electrical subpanels (2023–2024), new exterior paint (2025), extensive fascia board replacement (2024), and complete parking lot resurfacing (2019). Additional improvements include new fencing (2025), updated water heaters (2021 & 2026), and completed SB721 balcony inspections (2023). Select units have been renovated with new flooring, fresh interior paint, and updated finishes, providing a clear path for continued interior upgrades and rental growth. Residents benefit from a well-maintained environment including a swimming pool, on-site laundry facilities, outdoor grilling area, and assigned parking within a secure gated setting. Strategically positioned just seconds from Highway 94 and within walking distance to public transportation, neighborhood retail, dining, and parks, the property offers convenient access to Downtown San Diego and surrounding employment centers, supporting strong and consistent rental demand.

FOR SALE DETAILS

PRICE

$9,200,000 USD

PRICE/SF

$283 USD /SF

# OF UNITS

42

PRICE/UNIT

$219,048

CAP RATE

5.75%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Pacific Plaza Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

51

LAND DETAILS

LAND ACRES

1.04 AC

LAND SF

45,302 SF

ZONING

C

APN/PARCEL ID

480-104-04

ASK ABOUT THIS PROPERTY

720-841-8139

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720-841-8139

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