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Marilla Crest Apartments 9669 Marilla Dr 18 Unit Apartment Building $5,150,000 ($286,111/Unit) 4.87% Cap Rate Lakeside, CA 92040
Investment Highlights
- 18 Unit Community in Rarely Traded Suburban Neighborhood of San Diego County
- Strong Rental Upside Potential
- Large Lot with Abundant Parking | +/- 28,700 sf Lot with 27 Parking Spaces for Residents
- Desirable 1989 Construction w/ Excellent Unit Mix - 100% Two Bedroom Units
- Major Capital Improvements Completed - New Roofs, Major Plumbing Upgrades and Exterior Paint in Recent Years
Executive Summary
CBRE is pleased to present Marilla Crest Apartments, an 18-unit multifamily investment opportunity located in the desirable Lakeside submarket of San Diego County. Built in 1989, the property features a highly attractive unit mix consisting of four (4) two-bedroom/one bath units and fourteen (14) two-bedroom/two-bath units, catering to residents seeking larger floor plans in an established East County rental market. Situated on an expansive ±28,700-square-foot lot, the property also offers 27 parking spaces and seven on-site storage units.
The asset has benefited from significant capital improvements that reduce deferred maintenance and support long-term operational stability. Recent upgrades include full roof replacements with long-term warranties, complete plumbing re-piping with PEX, upgraded seismic gas valves, new exterior paint, fascia board replacement, and asphalt improvements throughout the property. These improvements position the asset as a well-maintained investment with limited near-term capital expenditure requirements.
Select units have been renovated with updated flooring, fresh interior paint, and modern finishes, creating a clear path for continued interior upgrades and future rental growth. Residents benefit from an attractive community setting with on-site laundry facilities, assigned parking, and additional storage options.
The asset has benefited from significant capital improvements that reduce deferred maintenance and support long-term operational stability. Recent upgrades include full roof replacements with long-term warranties, complete plumbing re-piping with PEX, upgraded seismic gas valves, new exterior paint, fascia board replacement, and asphalt improvements throughout the property. These improvements position the asset as a well-maintained investment with limited near-term capital expenditure requirements.
Select units have been renovated with updated flooring, fresh interior paint, and modern finishes, creating a clear path for continued interior upgrades and future rental growth. Residents benefit from an attractive community setting with on-site laundry facilities, assigned parking, and additional storage options.
Property Facts
| Price | $5,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $286,111 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.66 AC |
| Cap Rate | 4.87% | Building Size | 16,206 SF |
| Gross Rent Multiplier | 12.03 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1989 |
| Property Type | Multifamily | Parking Ratio | 0.74/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RU | ||
| Price | $5,150,000 |
| Price Per Unit | $286,111 |
| Sale Type | Investment |
| Cap Rate | 4.87% |
| Gross Rent Multiplier | 12.03 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 16,206 SF |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 0.74/1,000 SF |
| Zoning | RU |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | 800 |
| 2+2 | 14 | - | 850 |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 382-220-07 | Improvements Assessment | $1,814,998 |
| Land Assessment | $785,030 | Total Assessment | $2,600,028 |
Property Taxes
Parcel Number
382-220-07
Land Assessment
$785,030
Improvements Assessment
$1,814,998
Total Assessment
$2,600,028
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