This exceptional value-add opportunity presents a 16-unit apartment building in Lemon Grove, CA, situated on a spacious 28,750 square foot lot. The property comprises three structures totaling 5,836 net rentable square feet, featuring a mix of unit types: one 2-bedroom/1-bath, two 1-bedroom/1-bath, two studios, and eleven single-room occupancy (SRO) units. Additional large detached storage units enhance the property's appeal. The main building boasts ample common areas, including a shared kitchen, TV/living area, and patio space. Three shared bathrooms serve the SRO units, strategically located in different wings. Five units have sub-metered electric, and solar panels are installed. One unit features sub-metered water. Ten parking spaces are available, some covered. On-site laundry and internet are provided for tenant convenience. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $129,921, with a pro-forma NOI projected at $255,098, reflecting a significant upside potential. The asking price is $2,250,000, representing a current cap rate of 5.77% and a pro-forma cap rate of 11.34%. Built in 1961, this property benefits from its prime location, just nine miles from Downtown San Diego, with easy access to State Route 94 and Interstate 5, as well as the Lemon Grove Depot trolley stop. Nearby amenities include numerous restaurants, shopping centers (College Grove Shopping Center and Lemon Grove Plaza), and recreational facilities. Several schools and colleges are also within close proximity. This presents a compelling investment opportunity with strong potential for increased profitability.
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Benn Vogelsang
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2555 Crestline Dr, Lemon Grove, California, 91945
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2555 Crestline Dr
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