8694 Lemon Ave - Apartments FOR SALE


La Mesa, CA 91941
$8,950,000 USD
858-369-3084
8694 Lemon Ave, La Mesa, CA for Sale
$8,950,000 USD
Apartments - FOR SALE
1/8
null | 4.61% Cap Rate

8694 Lemon Ave
La Mesa, CA 91941


HIGHLIGHTS

  • All 3bd/2ba units averaging 1,092 SF
  • Downstairs units have large private yards
  • Community amenities include a swimming pool, large patio space with a BBQ, community laundry facilities, extra storage, and abundant on-site parking.
  • In-place rents are below market, even in the property’s current as-is condition.
  • The unit interiors and building exterior can be renovated to achieve higher rents.

OVERVIEW

This 24-unit multifamily offering presents a compelling opportunity to acquire a well-located asset comprised entirely of three-bedroom, two-bathroom floor plans, with large private yards for the downstairs units and balconies in 10 of the 14 upstairs units. Community amenities include a swimming pool, large patio space with a BBQ, community laundry facilities, extra storage, and abundant on-site parking. The offering represents a true value-add opportunity, with the potential to upgrade both unit interiors and the building exterior to achieve substantially higher rents. Ideally situated near La Mesa Village, the property benefits from a highly walkable neighborhood with a Walk Score of 87. Residents enjoy immediate access to restaurants, coffee shops, bars, and retail along La Mesa Boulevard. The property is also approximately 0.8 miles from a San Diego Trolley station served by the Orange Line.

FOR SALE DETAILS

PRICE

$8,950,000 USD

PRICE/SF

$373 USD /SF

# OF UNITS

24

PRICE/UNIT

$372,917

CAP RATE

4.61%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lemon Gardens Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1973

PARKING SPACES

38

LAND DETAILS

LAND ACRES

1 AC

LAND SF

43,560 SF

ZONING

C

APN/PARCEL ID

494-310-24

ASK ABOUT THIS PROPERTY

Eric ComerKidder MathewsMore Info
858-369-3084

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Eric ComerKidder MathewsMore Info
858-369-3084

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.