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4280-4284 Schoolridge Ln 8 Unit Apartment Building $2,500,000 ($312,500/Unit) 5.23% Cap Rate La Mesa, CA 91941
INVESTMENT HIGHLIGHTS
- 100% Occupied with Rental Upside
- High Demand Rental Market
- 7 out of 8 Units Recently Renovated
- Ample On-Site Parking
EXECUTIVE SUMMARY
Palm Tree Properties is pleased to present an 8-unit multifamily property located in La Mesa, California. The property consists of (7) two-bedroom units and (1) one-bedroom unit within a single apartment complex constructed in 1958.
The asset is 100% occupied and currently operated with a RUBS program in place, allowing for reimbursement of utility expenses. Seven of the eight units have been renovated, with one remaining unit providing additional value-add potential through renovation and rent alignment.
At the current level of operations, the property is performing at an estimated 5.23% cap rate. The combination of stabilized occupancy, recent unit upgrades, and partial renovation completion offers a balanced profile of in-place income with remaining upside.
The property is located in an established La Mesa rental submarket with consistent demand for two-bedroom units and proximity to major transportation corridors, retail, and employment centers.
Additional financial details, rent roll, and underwriting assumptions are available upon request in the Offering Memorandum.
The asset is 100% occupied and currently operated with a RUBS program in place, allowing for reimbursement of utility expenses. Seven of the eight units have been renovated, with one remaining unit providing additional value-add potential through renovation and rent alignment.
At the current level of operations, the property is performing at an estimated 5.23% cap rate. The combination of stabilized occupancy, recent unit upgrades, and partial renovation completion offers a balanced profile of in-place income with remaining upside.
The property is located in an established La Mesa rental submarket with consistent demand for two-bedroom units and proximity to major transportation corridors, retail, and employment centers.
Additional financial details, rent roll, and underwriting assumptions are available upon request in the Offering Memorandum.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2026) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $312,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.23% | Building Size | 6,500 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.5 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1958/2024 |
| Property Type | Multifamily | Parking Ratio | 1/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,500,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 5.23% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 12.5 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 6,500 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1958/2024 |
| Parking Ratio | 1/1,000 SF |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Disposal
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Stainless Steel Appliances
- Range
- Dining Room
- Double Pane Windows
- Handrails
- Vinyl Flooring
- Quartz Countertops
SITE AMENITIES
- Laundry Facilities
- Renters Insurance Program
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | $1,849 | 550 |
| 2+1 | 7 | $2,034 | 850 |
1 1
PROPERTY TAXES
| Parcel Number | 475-100-14 | Improvements Assessment | $1,196,086 (2025) |
| Land Assessment | $920,066 (2025) | Total Assessment | $2,116,152 (2025) |
PROPERTY TAXES
Parcel Number
475-100-14
Land Assessment
$920,066 (2025)
Improvements Assessment
$1,196,086 (2025)
Total Assessment
$2,116,152 (2025)
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4280-4284 Schoolridge Ln
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