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    8561 Mellmanor Drive

    La Mesa, CA 91942
    • $6,595,000
    • STATUS: ACTIVE
    • ON SITE: 101 days
    • ID#: 200033047
    UPDATED: 56 min ago
    $6,595,000
    • 3
      BEDS
    • N/A
      ACRES
    • 2
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    County:

    School Ratings & Info

    Description

    We are 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.

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2020 San Diego MLS, Inc. Licensed in the state of California.
    www.sellsandiego.com/homes/107887148
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    8561 Mellmanor Drive La Mesa, CA 91942

    • Price: $6,595,000
    • Status: ACTIVE
    • Updated: 56 min ago
    • ID#: 200033047
    3
    Beds
    2
    Baths
    0
    ½ Baths
    N/A
    Acres
    Neighborhood:
    La Mesa (91942)
    County:
    San Diego
    Area:
    La Mesa (91942)
    Property Description
    We are 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.
    Interior Features

    Sq Ft Of Improvement 16480

    Property Features

    Actual Gross Scheduled Income 519913.0 Actual Operating Expense 185313 Assumable Finance 0 Gross Equity 6595000 Gross Multiplier 13.17 Have 27 Units Mandatory Remarks None Known Market Area East County Motive Want Sell Unit Number1 23 Unit Number2 4

    Listing provided courtesy of Marcus & Millichap. Listing information © 2020 San Diego MLS Inc. Source: SDMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2020 San Diego MLS, Inc. Licensed in the state of California.
     
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    Neuman & Neuman Real Estate Inc.
    516 5th Avenue
    San Diego CA, 92101