La Roca Plaza 10032 N Magnolia Ave 100 Unit Apartment Building $29,300,000 ($293,000/Unit) 5.61% Cap Rate Santee, CA 92071

BACK TO MARKET, NO FAULT OF PROPERTY. CBRE is pleased to present La Roca Plaza Apartments, a 100-unit garden-stylecommunity located at 10032 N Magnolia Avenue in Santee, CA. Situated on a large 4.61-acre parcel in the heart of San Diego’s East County, La Roca Plaza offers an exceptional combination of scale, desirable unit mix, and lifestyle-oriented amenities in one of the region’s most stable and growing rental markets.
Built in 1974 and meticulously maintained, the property is comprised of ten 2-story structures with an attractive mix of 34 one-bedroom/one-bath units (~600 SF), 56 two-bedroom/one-and-a-half bath units (~1,000 SF), and 10 three-bedroom/one-anda- half bath units (~1,100 SF). The spacious floor plans, including an extremely rare concentration of three-bedroom units, provide broad appeal to families and long-term renters in a supply-constrained San Diego submarket.
La Roca Plaza features community amenities including a pool and rest area, playground, central courtyard, on-site laundry room, high-speed internet access, and 154 off-street parking spaces. Units feature varying degrees of upgrades, with most offering vinyl plank flooring, hardwood cabinets, and a mix of Formica and newer countertops—providing both immediate livability and the potential for further value-add repositioning.
Santee, located just 20 miles from Downtown San Diego and a 30-minute drive to the coast, is a rapidly growing East County hub known for its excellent schools, extensive parks, and strong connectivity via SR-52, SR-125, I-8, and the San Diego Trolley Green Line. With limited multifamily supply, strong population growth, and lower housing costs relative to central San Diego, Santee has sustained robust rental demand and long-term occupancy stability.
As one of only three 100+ unit multifamily communities currently offered for sale in San Diego County, La Roca Plaza presents investors with a rare opportunity to acquire a wellmaintained, income-producing asset at scale in a high-demand suburban market. With its strong unit mix, proven rentability, and strategic location in one of the region’s most promising growth corridors, the property is well-positioned to deliver both durable cash flow and long-term appreciation potential.