8923 La Mesa Blvd - Office FOR SALE


La Mesa, CA 91941
$2,495,000 USD
949-306-8800
8923 La Mesa Blvd, La Mesa, CA for Sale
$2,495,000 USD
Office - FOR SALE
1/28
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8923 La Mesa Blvd
La Mesa, CA 91941


HIGHLIGHTS

  • Seller Motivated – Huge Price Reduction - Freestanding 2,743 sf office building, 2 story, 3 Tenants over 2 parcels…Asking $2,495,000.
  • Potential Additional Purchase Alternative - Tremendous investment opportunity, to acquire a 3rd parcel (residence for parking field - not a part of $2
  • Approved for the potential redevelopment of the site to expand the existing building to 3 stories, with 6,197 SF of modern retail and office space.
  • Redevelopment plans include a rooftop restaurant and bar, with full liquor license capability, and outdoor seating.
  • Affluent trade area with an average household income of over $110,000 within 1 mile, providing strong support for almost 2,000 businesses in the area.
  • Tremendous investment opportunity, with city-approved redevelopment to include a 3rd-story restaurant and bar, coupled with the existing rent revenue.

OVERVIEW

This is an exclusive, unique, and rare opportunity to purchase the existing 2,743 square foot, two-story retail and office building, lies on .31 acres (13,337 sf) at 8923 La Mesa Boulevard, La Mesa, California. With the dentist lease expiring July 31, 2026, coupled with other existing occupants on month-to-month tenancy, there is the opportunity to potentially have vacant by August 1st. The site is supported by a strong intersection Average Daily Traffic (ADT) of 43,450, with 22,643 ADT on La Mesa Boulevard and 20,807 ADT on Grossmont Boulevard. There is substantial, immediate freeway traffic, with 197,500+ ADT on Interstate 8 (215,000 during peak months) and 170,000+ ADT on State Highway 125. The trade area is supported by solid demographics: -Population of 14,497 within 1 mile, 158,979 within 3 miles, and 430,507 within 5 miles. -Average household income of $110,727 and a median household income of $83,218 within 1 mile. -1,971 total businesses and 19,147 total employees within 1 mile. -45% of residents own their homes, with 149,511 households within 5 miles. The best is yet to come! The ideal buyer and investor will be the one who recognizes and capitalizes on the immense value the property owners have created. *Potential Additional Purchase Alternative* - Tremendous investment opportunity, to acquire a 3rd parcel (residence for parking field - not a part of $2.495 asking), with existing, city-approved redevelopment to include a 3rd-story restaurant and bar, 6,197 sf building, with outdoor seating, full liquor license, coupled with the existing rent revenue. After 4+ years in the entitlement process, the property owners have recently obtained formal city council approval for the potential redevelopment of the site to expand the existing building to 3 stories, approximately 6,147 total building square feet (1st floor – 1,873 square feet, 2nd floor – 2,174 square feet, 3rd floor – 2,100 square feet) including a roof-top restaurant and bar, with full liquor license capability, and outdoor seating.

FOR SALE DETAILS

PRICE

$2,495,000 USD

PRICE/SF

$910 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Huge Price Reduction | La Mesa

PROPERTY TYPE

Office

ADD'L SUBTYPES

Restaurant

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1954

SPRINKLERS

-

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,504 SF

ZONING

C

APN/PARCEL ID

490-472-29,490-472-31

ASK ABOUT THIS PROPERTY

John RappJohn RappMore Info
949-306-8800

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John RappJohn RappMore Info
949-306-8800

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