Multifamily

The Grossmont

Listing Price: $6,595,000

Cap Rate
4.85%
Number of Units
27
Occupancy
97.00%
Price/Unit
$244,259
Price/Gross SF
$396.86
Gross SF
16,618

Investment Overview

Marcus & Millichap is pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. The spacious ?oorplans are well-appointed with granite countertops, new cabinets, above the range microwave appliance packages, wall air conditioning, dual pane windows, large closets, patios and vinyl plank ?ooring. Centrally located in La Mesa, The Grossmont is a short drive to Interstate-8 which serves as a key interregional east/west travel corridor through San Diego County, and is one of the more heavily trafficked freeways. The property is only 0.5 miles from Sharp Grossmont Hospital and The Grossmont Shopping Center. Sharp Grossmont Hospital is East County’s largest health care facility with 524 beds, cutting edge medical care, and total patient revenue of over $3.7 billion. The Grossmont Center is an outdoor shopping mall with 100 unique stores, over 20 restaurants, and 10 large movie screens. The Grossmont Transit Center is a short 3-minute walk from The Grossmont, and provides residents effective high-quality rail and bus line transportation options for convenient access to major employment centers and popular destinations. San Diego State University, with a student body of over 34,000 is 5.0 miles West of The Grossmont along the I-8 corridor, and generates over $2.4 billion annually for the San Diego economy. Downtown San Diego is just a 15-minute drive from The Grossmont.

Investment Highlights

  • Turn-key asset, newly renovated in 2018
  • Located in highly sought after La Mesa, north of I-8 in the heart of Grossmont
  • Stabilized rents provide shelter from rent control
  • The property is located less than a half mile from Sharp Grossmont Hospital, Grossmont Shopping Center, and Grossmont Transit Center
  • Walk Score of 74, considered "Very Walkable"
  • Sparkling swimming pool with sun deck and BBQ area as well as pedestrian gated access and on-site laundry
  • Potential for additional upside by adding washer/dryer hookups and capturing loss to lease

Exclusively Listed By

Listing Price: $6,595,000

Cap Rate
4.85%
Number of Units
27
Occupancy
97.00%
Price/Unit
$244,259
Price/Gross SF
$396.86
Gross SF
16,618

Investment Highlights

  • Turn-key asset, newly renovated in 2018
  • Located in highly sought after La Mesa, north of I-8 in the heart of Grossmont
  • Stabilized rents provide shelter from rent control
  • The property is located less than a half mile from Sharp Grossmont Hospital, Grossmont Shopping Center, and Grossmont Transit Center
  • Walk Score of 74, considered "Very Walkable"
  • Sparkling swimming pool with sun deck and BBQ area as well as pedestrian gated access and on-site laundry
  • Potential for additional upside by adding washer/dryer hookups and capturing loss to lease

Investment Overview

Marcus & Millichap is pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. The spacious ?oorplans are well-appointed with granite countertops, new cabinets, above the range microwave appliance packages, wall air conditioning, dual pane windows, large closets, patios and vinyl plank ?ooring. Centrally located in La Mesa, The Grossmont is a short drive to Interstate-8 which serves as a key interregional east/west travel corridor through San Diego County, and is one of the more heavily trafficked freeways. The property is only 0.5 miles from Sharp Grossmont Hospital and The Grossmont Shopping Center. Sharp Grossmont Hospital is East County’s largest health care facility with 524 beds, cutting edge medical care, and total patient revenue of over $3.7 billion. The Grossmont Center is an outdoor shopping mall with 100 unique stores, over 20 restaurants, and 10 large movie screens. The Grossmont Transit Center is a short 3-minute walk from The Grossmont, and provides residents effective high-quality rail and bus line transportation options for convenient access to major employment centers and popular destinations. San Diego State University, with a student body of over 34,000 is 5.0 miles West of The Grossmont along the I-8 corridor, and generates over $2.4 billion annually for the San Diego economy. Downtown San Diego is just a 15-minute drive from The Grossmont.

Exclusively Listed By

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