Renovated 22-Unit Multifamily
For Sale
$7,250,000
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$479.24
Days on Market69
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: Jun 28
Changed: Sep 3
Last Checked: Sep 2 at 1:46PM
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
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 = 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
$251,359
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
3.47%
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%
$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
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
$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 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%
$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 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.93M
$6.06M – $8.09M
NOI $485,180 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 $7,250,000.
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
