Renovated 22-Unit Multifamily
For Sale
$6,995,000
8969 Grossmont Blvd, La Mesa, CA 91941
Turnkey 22-unit multifamily property with renovated interiors and in-unit washer/dryers in all 2-bedroom units.
Property Size15,128 SF
Price / SF$462.39
Days on Market110
Property Features for 8969 Grossmont Blvd
General Information
Standard status
Active
Size
15,128 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
22
Building Details
Tenancy
Multi
Listing Agency:
Eric D. Comer, Broker
Listed By:
Eric D Comer eric.comer@kidder.com · License #00842230
(858) 369-3084
Source:
Findhomesinsandiegoarea
Added: Jul 2
Changed: Oct 1
Last Checked: Oct 16 at 9:25AM
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 offering presents a highly renovated 22-unit multifamily community in La Mesa, California. The unit mix includes ten 1-bedroom/1-bath units and twelve 2-bedroom/1-bath units. All units have been extensively upgraded with modern interior finishes, and all 2-bedroom units include in-unit washer/dryers.
Since 2022, the current ownership has invested approximately $1.2 million in capital improvements and interior renovations. The scope includes fully remodeled unit interiors, exterior enhancements, and targeted improvements to select building systems, with the property repositioned as a stabilized, turnkey asset.
Access is supported by direct connections to Interstate 8 and State Route 125, and the property is located near public transit. Two trolley stations are within one mile and serviced by the Orange Line, providing convenient connectivity to Downtown San Diego and beyond.
Since 2022, the current ownership has invested approximately $1.2 million in capital improvements and interior renovations. The scope includes fully remodeled unit interiors, exterior enhancements, and targeted improvements to select building systems, with the property repositioned as a stabilized, turnkey asset.
Access is supported by direct connections to Interstate 8 and State Route 125, and the property is located near public transit. Two trolley stations are within one mile and serviced by the Orange Line, providing convenient connectivity to Downtown San Diego and beyond.
Key Highlights
- Highly renovated 22‑unit multifamily community in the City of La Mesa, CA
- Unit mix: ten (10) 1‑bedroom/1‑bath and twelve (12) 2‑bedroom/1‑bath units
- All 2‑bedroom units include in‑unit washer/dryers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$251,359
Cap Rate
3.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,027,180
$5.0M
Cap Rate 7%
$3,590,843
$3.6M
Cap Rate 9%
$2,792,878
$2.8M
Market Conditions
NOI Build-Up for 15,128 SF
Gross rent
$481.1K $31.80/SF
− Vacancy
−$24.1K −$1.59/SF
EGI
$457.0K $30.21/SF
− OpEx
−$205.7K −$13.59/SF
NOI
$251.4K $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%
$5,027,180
Cap Rate 7%
$3,590,843
Cap Rate 9%
$2,792,878
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.19M
NOI $251,359 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.93M
$6.06M – $8.09M
NOI $485,180 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
22
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,918
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 22-unit multifamily property with renovated interiors and in-unit washer/dryers in all 2-bedroom units.
Where is this apartment building located?
The property is located at 8969 Grossmont Blvd La Mesa, CA.
What is the asking price?
The asking price for this property is $6,995,000.
What are key features of this property?
This property features: Highly renovated 22‑unit multifamily community in the City of La Mesa, CA; Unit mix: ten (10) 1‑bedroom/1‑bath and twelve (12) 2‑bedroom/1‑bath units; All 2‑bedroom units include in‑unit washer/dryers
