Listed by Kidder Mathews San Diego
$8,950,000
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.
Listing Contacts
Listed by Kidder Mathews San Diego
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Loan Amount
$0.00
Annual Debt Service
$--
$--
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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