8615 Mellmanor Dr La Mesa, CA 91942
Value-add fourplex near Grossmont Center and SDSU.
Building Details
- Year built
- 1964
Source:
Elliman
Listing Agent: Pat Geary
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
La Mesa Fourplex Investment Opportunity
Located in La Mesa, this fourplex at 8615 Mellmanor Drive presents an investment opportunity. Constructed in 1964, the 4,140 square foot building is situated on a 10,086 square foot parcel. The property features four townhome-style residences, each with 2 bedrooms and 1.5 bathrooms, spanning approximately 960 square feet. Three of the four units include in-unit laundry, and all units have private ground-level patios. The property is located blocks from Grossmont Center and minutes from San Diego State University. Current rents are below market levels, offering potential for revenue growth through renovations and turnover. The pro forma gross scheduled income is $124,560, with a projected net operating income of nearly $88,000, allowing investors to potentially achieve a 6.31% cap rate.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- La Mesa
- County
- San Diego
- State
- California
- Longitude
- -117.0121456
- Latitude
- 32.7829771
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Value-add fourplex near Grossmont Center and SDSU.
Where is this quadplex located?
The property is located at 8615 Mellmanor Dr La Mesa, CA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: - Value-add fourplex in highly desirable La Mesa location.; - Significant revenue growth potential through rent increases.; - Pro forma 6.31% cap rate at asking price.