42
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$5,450,000
Est. payment /mo
0.31 Acres Lot
New
7025 Boulevard DR La Mesa, CA 91941
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID PTP2604512
HOA Y/N No
Year Built 1956
Lot Size 0.310 Acres
Property 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 18 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.
Location
State CA
County San Diego
Area 91941 - La Mesa
Zoning R3-MU
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs, Hiking, Lake
View Y/N No
Total Parking Spaces 20
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 4741700300
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2604512
Listed by Maxwell Brown Commercial Asset Advisors mbrown@caacre.com, DRE #02127395
NEARBY SCHOOL & BUSINESS
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