Three-Bedroom Multifamily
For Sale
$8,750,000
8694 Lemon Ave, La Mesa, CA 91941
24-unit multifamily property featuring three-bedroom, two-bath layouts with private yards and balconies, plus pool and community laundry.
Property Size26,206 SF
Price / SF$333.89
Days on Market160
Property Features for 8694 Lemon Ave
General Information
Standard status
Active
Size
26,206 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
24
Amenities
swimming pool
large patio with BBQ
community laundry facilities
extra storage
abundant on-site parking
Listing Agency:
Eric D. Comer, Broker
Listed By:
Eric D Comer eric.comer@kidder.com · License #00842230
(858) 369-3083
Source:
Findahomenorthcountysandiego
Added: May 24
Changed: Oct 25
Last Checked: Oct 28 at 8:37AM
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 Eric D. Comer, Broker
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Investment Insights
Based on property information with market context.
This 24-unit multifamily offering consists entirely of three-bedroom, two-bathroom floor plans. Downstairs units include large private yards, while balconies are provided for 10 of the 14 upstairs units. Community amenities include a swimming pool, a large patio space with a BBQ area, community laundry facilities, extra storage, and abundant on-site parking.
The property is ideally situated near La Mesa Village in a highly walkable neighborhood with a Walk Score of 87. Residents have immediate access to restaurants, coffee shops, bars, and retail along La Mesa Blvd. The property is also approximately 0.8 miles from a San Diego Trolley station served by the Orange Line.
The current offering is positioned as a value-add opportunity, with the potential to upgrade unit interiors and the building exterior to pursue higher rents.
The property is ideally situated near La Mesa Village in a highly walkable neighborhood with a Walk Score of 87. Residents have immediate access to restaurants, coffee shops, bars, and retail along La Mesa Blvd. The property is also approximately 0.8 miles from a San Diego Trolley station served by the Orange Line.
The current offering is positioned as a value-add opportunity, with the potential to upgrade unit interiors and the building exterior to pursue higher rents.
Key Highlights
- 24‑unit multifamily with all units featuring 3‑bedroom, 2‑bath floor plans
- Downstairs units include large private yards; 10 of 14 upstairs units offer balconies
- Community amenities include a swimming pool, large patio space with BBQ, and community laundry facilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$435,426
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,708,520
$8.7M
Cap Rate 7%
$6,220,371
$6.2M
Cap Rate 9%
$4,838,067
$4.8M
Market Conditions
NOI Build-Up for 26,206 SF
Gross rent
$833.4K $31.80/SF
− Vacancy
−$41.7K −$1.59/SF
EGI
$791.7K $30.21/SF
− OpEx
−$356.3K −$13.59/SF
NOI
$435.4K $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 Rate 5%
$8,708,520
Cap Rate 7%
$6,220,371
Cap Rate 9%
$4,838,067
Alternative Uses
Best Use
Apartment 5plus
$6.22M
$5.44M – $7.26M
NOI $435,426 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.01M
$10.51M – $14.01M
NOI $840,470 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
1,957
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 24-unit multifamily property featuring three-bedroom, two-bath layouts with private yards and balconies, plus pool and community laundry.
Where is this apartment building located?
The property is located at 8694 Lemon Ave La Mesa, CA.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: 24‑unit multifamily with all units featuring 3‑bedroom, 2‑bath floor plans; Downstairs units include large private yards; 10 of 14 upstairs units offer balconies; Community amenities include a swimming pool, large patio space with BBQ, and community laundry facilities
