7025 Boulevard Drive,La Mesa, CA 91941
La Mesa, CA 91941
Description
7025 Boulevard Dr offers a renovated, turnkey, and desirable 20-unit garden style asset with immediate cashflow, remaining rental upside, and all major infrastructure system improvements. The property is ideally situated near major transportation corridors, steps away from the amenity and retail filled University Ave, and provides seasoned investors with the Golden Standard Class B location asset known to provide the strongest aggregate return and operational profile. Current ownership has completed significant capital improvements, eliminating all deferred maintenance and substantially reducing future expenses. Improvements include renovation of 16 units, major electrical system upgrades, epoxy-lined sewer mains, dual-pane windows, new pitched roofs, and numerous interior and exterior enhancements. The property consists of an ideal & diverse unit mix of (8) 2 Bed / 1 Bath, (8) 1 Bed / 1 Bath, and (4) Studio units. The property further provides an attractive 1:1 parking ratio and gated access. Ownership will benefit from meaningful economies of scale while maintaining the operational simplicity of a low-density garden style asset. The asset currently generates $462,538 GSI yielding a 5.19% in-place cap rate. There is approximately 12% income upside at conservative market rents to produce a forecasted $519,690 GSI and 5.95% market cap rate with minimal additional capital investment required. 7025 Boulevard Drive is strategically situated in what many seasoned San Diego multifamily investors consider the Golden Standard middle market location profile. The Property's Class B location provides the ideal balance between acquisition basis, tenant quality, and long-term rental demand, producing notably stronger returns than higher-priced Coastal San Diego submarkets and significantly less operational challenges associated with Class C location assets and tenants.
Details
| MLS # | PTP2604512 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1956 |
| Days On Site | 78 |
| Listing Provided By | Commercial Asset Advisors | Maxwell Brown |
Features
| SQ Feet | 12,356 |
|---|---|
| Story(s) | 2 |
| Units | 20 |
| Building(s) | 2 |
| Zoning | R3-MU |
| Acreage | 0.31 |
Interior
| Heating Yes / No | No |
|---|---|
| Cooling Yes / No | No |
| Fireplace Yes / No | No |
Exterior
| Lot Features | Twenty One To Twenty Five Units Acre |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Sewer | Public Sewer |
|---|
Location
| Community Features | Curbs, Hiking, Lake |
|---|
Area Information
| State | CA |
|---|---|
| County | San Diego |
| City | La Mesa |
| Zip Code | 91941 |
| Area | 91941 La Mesa |
| Listing VS Median (in 91941) | |
Price: $5,449,000 low | high Med: $1,200,000 sqft: 12,356 low | high Med: 1,967 $ / sqft: $441 low | high Med: $610 On site: 78 low | high Med: 8 | |
Market Activity 91941
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Learn More About This Property
| State | CA |
|---|---|
| County | San Diego |
| City | La Mesa |
| Zip Code | 91941 |
| Area | 91941 La Mesa |
| Listing VS Median (in 91941) | |
Price: $5,449,000 low | high Med: $1,200,000 sqft: 12,356 low | high Med: 1,967 $ / sqft: $441 low | high Med: $610 On site: 78 low | high Med: 8 | |