Grove Lofts 8465 Broadway 16 Unit Apartment Building $5,950,000 ($371,875/Unit) 4.49% Cap Rate Lemon Grove, CA 91945

Grove Lofts at 8465 Broadway is a turnkey, newer construction 16-unit apartment building featuring 12 spacious 1 bedroom / 1 bathroom loft units and four ground floor studio units. The two story 10,659 square foot structure built in 2018 sits on a 22,215 square foot lot with 18 gated parking spaces, two of which are covered. The units have stainless steel appliances, dishwashers, built-in microwaves, private balconies, walk-in closets, in-unit stacked washer/dryers and mini-split A/C units. There is a ground-level barbeque patio with seating around a firepit as well as common patios on the second and third floors with pool and lawn chairs. The tenants are charged back for utilities through RUBS and there is currently 10% upside in rents. The property is currently exempt from AB1482 due to the newer construction. There are 4 storage units on the ground floor that, if rented, will provide additional income.
Lemon Grove is conveniently located 9 miles from Downtown San Diego. Lemon Grove has a plethora of local restaurants, coffee shops, entertainment options, and landmarks. The College Grove Shopping Center, a split-level open-air power center with 650,000 square feet of total retail floor area, is nearby. Lemon Grove Plaza, a 157,000 square foot shopping center anchored by Albertsons, is even closer. Convenient commuter options exist with quick access to State Route 94 which leads to Interstate 5 in Downtown San Diego. The Lemon Grove Depot (MTS) trolley stop is within walking distance. Lemon Grove is concentrated along the major transportation routes, affording residents and businesses easy access to major San Diego employment centers.
Nearby activities include Reading Cinemas, SDCCU Stadium, Lemon Grove Park, and Berry Street Park. Popular Restaurants include DZ Akins, Rubio’s Coastal Grill, Lido’s Italian Foods, Sportsman’s Pub and Islander’s Grill. Educational facilities in close proximity include San Miguel Elementary School, San Altos Elementary School, Lemon Grove Academy, Liberty Charter High School, San Diego State University, and Grossmont College.