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32959036
32963446

8694 Lemon Ave, La Mesa, CA 91941

EC
CA 00842230
Kidder Mathews San Diego
Kidder Mathews San Diego
JN
CA 01352736
Kidder Mathews San Diego
Listed by Kidder Mathews San Diego
$8,950,000
10 days on market
Updated 8 days ago

Lemon Gardens Apartments

Details
APN 494-310-24-00
Property Type Multifamily
Sub Type Apartment Building
Square Footage 26,206
Units 24
Beds 3
Cap Rate 4.61%
NOI $412,298
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 5.60%
Pro-Forma NOI $501,479
Price per SqFt $342
Year Built 1973
Buildings 2
Stories 2
Acreage 1.000
Zoning R-3 (Multiple Unit Residential allows 18-23 dwelling units per acre). Property is believed to be leg
Parking Spaces 38 spaces
Parking Per SqFt 1.45
Investment Type Value Add

Multifamily | 24 Units | $372,917/unit

Marketing description

This 24-unit multifamily offering presents a compelling opportunity to acquire a well-located asset comprised entirely of three-bedroom, two-bathroom floor plans, with large private yards for the downstairs units and balconies in 10 of the 14 upstairs units. Community amenities include a swimming pool, large patio space with a BBQ, community laundry facilities, extra storage, and abundant on-site parking. The offering represents a true value-add opportunity, with the potential to upgrade both unit interiors and the building exterior to achieve substantially higher rents. Ideally situated near La Mesa Village, the property benefits from a highly walkable neighborhood with a Walk Score of 87. Residents enjoy 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.

Investment highlights

  • In-place rents are below market, even in the property's current as-is condition.
  • Downstairs units feature large private yards.
  • All units are 3bd/2ba floor plans and average 1,092 square feet with forced air and heat.
  • Well amenitized with a swimming pool, BBQ area, community laundry facilities, and a cozy courtyard.
  • The unit interiors and building exterior can be renovated to achieve higher rents.
  • Just a few blocks from La Mesa Village, offering walkable access to top-rated dining, coffee shops, retail, and a weekly farmers market.

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Listing Contacts

EC
CA 00842230
Kidder Mathews San Diego
Kidder Mathews San Diego
JN
CA 01352736
Kidder Mathews San Diego
Listed by Kidder Mathews San Diego

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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$412,298.00
$34,358.17/mo

Valuation Metrics

0
DSCR
4.61%
Cap Rate
4.61%
ROI

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