Townhome-Style Apartment
For Sale
$3,960,000
7125 Waite Drive, La Mesa, CA 91941
Two six-unit buildings offer private patios, upgraded interiors, and a consistent townhome-style residential layout.
Property Size10,368 SF
Price / SF$381.94
Days on Market252
Property Features for 7125 Waite Drive
General Information
Standard status
Active
Size
10,368 SF
Property subtype
Commercial-Res Income / Com-Res Income
Amenities
Wall/Window
2
0.0
Owned
Listing Agency:
Acre Investment Real Estate
(858) 245-4887
Listed By:
Bill Anderson · License #01441142
(858) 245-4887
Source:
Compass
Added: Dec 21, 2025
Changed: Aug 29
Last Checked: Mar 25 at 7:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Acre Investment Real Estate
Investment Insights
Based on property information with market context.
Waite Townhomes is a twelve-unit apartment community comprising two six-unit buildings in La Mesa, California. Every residence follows the same two-bedroom, one-and-a-half-bath layout and measures approximately 865 square feet. Private rear patios add outdoor space, while twenty-six parking spaces are arranged in thirteen tandem stalls on the property’s 21, 104 square foot (±0.48-acre) lot.
Constructed in 1972, the community has received ongoing maintenance and targeted improvements. Eleven of the twelve units feature renovated interiors. The roof was replaced in 2021, and all windows and sliding glass doors were replaced in 2022. Additional capital improvements were completed in 2025, supporting the property’s continued physical upkeep.
Constructed in 1972, the community has received ongoing maintenance and targeted improvements. Eleven of the twelve units feature renovated interiors. The roof was replaced in 2021, and all windows and sliding glass doors were replaced in 2022. Additional capital improvements were completed in 2025, supporting the property’s continued physical upkeep.
Key Highlights
- Twelve‑unit townhome community with two‑bedroom, one‑and‑a‑half‑bath layouts
- Two six‑unit buildings on a 21, 104 square foot (±0.48‑acre) lot
- Each townhome measures approximately 865 square feet and includes a private rear patio
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$172,270
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,445,400
$3.4M
Cap Rate 7%
$2,461,000
$2.5M
Cap Rate 9%
$1,914,111
$1.9M
Market Conditions
NOI Build-Up for 10,368 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$329.7K $31.80/SF
− Vacancy
−$16.5K −$1.59/SF
EGI
$313.2K $30.21/SF
− OpEx
−$140.9K −$13.59/SF
NOI
$172.3K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,445,400
Cap Rate 7%
$2,461,000
Cap Rate 9%
$1,914,111
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,270 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.75M
$4.16M – $5.54M
NOI $332,519 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Explore this area
Business Placement
Demographics for 91941, CA
33,895
Population
13,250
Households
2.6
Avg Household Size
41
Median Age
46%
College-Educated
95%
High-School Grad
8.2 sq mi
ZIP Area
4,134
Density / Sq Mi
$111,607
Median Household Income
$53,995
Median Earnings
$2,067
Median Rent
$884,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two six-unit buildings offer private patios, upgraded interiors, and a consistent townhome-style residential layout.
Where is this apartment building located?
The property is located at 7125 Waite Drive La Mesa, CA.
What is the asking price?
The asking price for this property is $3,960,000.
What are key features of this property?
This property features: Twelve‑unit townhome community with two‑bedroom, one‑and‑a‑half‑bath layouts; Two six‑unit buildings on a 21, 104 square foot (±0.48‑acre) lot; Each townhome measures approximately 865 square feet and includes a private rear patio
