7025 Boulevard Drive, La Mesa, CA 91941
7025 Boulevard Drive, La Mesa, CA 91941
7025 Boulevard Drive, La Mesa, CA 91941
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John R Thompson

John R Thompson

+1(805) 796-5221
Listed by Maxwell R Brown • Commercial Asset Advisors
$5,450,000
Est. payment /mo
12,356 SqFt
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Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 12,356 sqft

Price per Sqft $441

MLS Listing ID 8P-2604512

Year Built 1956

Lot Size 0.310 Acres

Source California Regional Multiple Listing Service (CRMLS)

Property Description

7025 Boulevard Dr offers a renovated, turnkey, and desirable 20-unit garden style asset with immediate cashflow, remaining rental upside, and all major infrastructure system improvements. The property is ideally situated near major transportation corridors, steps away from the amenity and retail filled University Ave, and provides seasoned investors with the “Golden Standard” Class B location asset known to provide the strongest aggregate return and operational profile. Current ownership has completed significant capital improvements, eliminating all deferred maintenance and substantially reducing future expenses. Improvements include renovation of 18 units, major electrical system upgrades, epoxy-lined sewer mains, dual-pane windows, new pitched roofs, and numerous interior and exterior enhancements. The property consists of an ideal & diverse unit mix of (8) 2 Bed / 1 Bath, (8) 1 Bed / 1 Bath, and (4) Studio units. The property further provides an attractive 1:1 parking ratio and gated access. Ownership will benefit from meaningful economies of scale while maintaining the operational simplicity of a low-density garden style asset. The asset currently generates $462,538 GSI yielding a 5.19% in-place cap rate. There is approximately 12% income upside at conservative market rents to produce a forecasted $519,690 GSI and 5.95% market cap rate with minimal additional capital investment required. 7025 Boulevard Drive is strategically situated in what many seasoned San Diego multifamily investors consider the “Golden Standard” middle market location profile. The Property's Class B location provides the ideal balance between acquisition basis, tenant quality, and long-term rental demand, producing notably stronger returns than higher-priced Coastal San Diego submarkets and significantly less operational challenges associated with Class C location assets and tenants.

Location

State CA

County San Diego

Area 91941 - La Mesa

Zoning R3-MU

Interior

Laundry Common Area

Exterior

Pool None

Community Features Curbs, Hiking, Lake

View Y/N No

Building

Lot Description 21-25 Units/Acre

Sewer Public Sewer

Others

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2604512

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John R Thompson

John R Thompson

+1(805) 796-5221

Broker/Owner | License ID: 01200900

Broker/Owner License ID: 01200900

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7025 Boulevard Drive