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7932-7936 La Mesa Blvd 18 Unit Apartment Building $4,595,000 ($255,278/Unit) 4.48% Cap Rate La Mesa, CA 91942
Investment Highlights
- ADU potential
- Walkable retail
Executive Summary
7932-40 La Mesa Blvd, is a well-maintained 16-unit multifamily property plus 2 ground floor commercial suites for 18 total units. The asset has been professionally managed and features ample off-street parking, storage, and on-site laundry facilities. The unit mix consists of one- and two-bedroom units, catering to a broad tenant base.
Situated in a safe neighborhood across from a church and school, the property benefits from a quiet setting while maintaining close proximity to nearby retail corridors and the College Area. There is an abundance of retail within walking distance including restaurants, Starbucks, and grocery.
The property has historically maintained high occupancy, with a majority of tenants in place long-term and currently operating on month-to-month leases at below-market rents. This dynamic presents a clear and immediate value-add opportunity through rental repositioning.
The vacant commercial component offers an interesting opportunity to covert this space to residential units via ADUs, which would result in 17 or 18 multifamily units. Buyer to confirm this strategy with the City of La Mesa.
Situated in a safe neighborhood across from a church and school, the property benefits from a quiet setting while maintaining close proximity to nearby retail corridors and the College Area. There is an abundance of retail within walking distance including restaurants, Starbucks, and grocery.
The property has historically maintained high occupancy, with a majority of tenants in place long-term and currently operating on month-to-month leases at below-market rents. This dynamic presents a clear and immediate value-add opportunity through rental repositioning.
The vacant commercial component offers an interesting opportunity to covert this space to residential units via ADUs, which would result in 17 or 18 multifamily units. Buyer to confirm this strategy with the City of La Mesa.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$323,340
|
$22.92
|
| Other Income |
$3,250
|
$0.23
|
| Vacancy Loss |
$9,700
|
$0.69
|
| Effective Gross Income |
$316,890
|
$22.46
|
| Taxes |
$54,956
|
$3.90
|
| Operating Expenses |
$55,955
|
$3.97
|
| Total Expenses |
$110,911
|
$7.86
|
| Net Operating Income |
$205,979
|
$14.60
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $323,340 |
| Annual Per SF | $22.92 |
| Other Income | |
|---|---|
| Annual | $3,250 |
| Annual Per SF | $0.23 |
| Vacancy Loss | |
|---|---|
| Annual | $9,700 |
| Annual Per SF | $0.69 |
| Effective Gross Income | |
|---|---|
| Annual | $316,890 |
| Annual Per SF | $22.46 |
| Taxes | |
|---|---|
| Annual | $54,956 |
| Annual Per SF | $3.90 |
| Operating Expenses | |
|---|---|
| Annual | $55,955 |
| Annual Per SF | $3.97 |
| Total Expenses | |
|---|---|
| Annual | $110,911 |
| Annual Per SF | $7.86 |
| Net Operating Income | |
|---|---|
| Annual | $205,979 |
| Annual Per SF | $14.60 |
Property Facts
| Price | $4,595,000 | Apartment Style | Low-Rise |
| Price Per Unit | $255,278 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 4.48% | Building Size | 14,108 SF |
| Gross Rent Multiplier | 14.5 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1953 |
| Property Type | Multifamily | Parking Ratio | 1.56/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C - The property is zoned commercial. There are 16 apartments and 2 commercial units being used as one big office. | ||
| Price | $4,595,000 |
| Price Per Unit | $255,278 |
| Sale Type | Investment |
| Cap Rate | 4.48% |
| Gross Rent Multiplier | 14.5 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.44 AC |
| Building Size | 14,108 SF |
| No. Stories | 2 |
| Year Built | 1953 |
| Parking Ratio | 1.56/1,000 SF |
| Zoning | C - The property is zoned commercial. There are 16 apartments and 2 commercial units being used as one big office. |
Amenities
Unit Amenities
- Heating
- Ceiling Fans
- Kitchen
- Carpet
- Built-In Bookshelves
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 700 |
| Studios | 1 | - | 400 |
| 1+1 | 11 | - | 650 |
| 2+1 | 4 | - | 800 |
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Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 470-340-03 | Total Assessment | $2,678,345 |
| Land Assessment | $1,477,708 | Annual Taxes | $54,956 ($3.90/SF) |
| Improvements Assessment | $1,200,637 | Tax Year | 2025 |
Property Taxes
Parcel Number
470-340-03
Land Assessment
$1,477,708
Improvements Assessment
$1,200,637
Total Assessment
$2,678,345
Annual Taxes
$54,956 ($3.90/SF)
Tax Year
2025
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Contact the Sale Advisor
7932-7936 La Mesa Blvd