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About the Listing 87970 - 818479
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.
Listing Highlights
Status
Active
Days on Site
24
Property Type
Multi-Family
MLS ®
PTP2604512
Year Built
1956
Total Square Footage
12,356
Lot/Acreage
0.31
County
San Diego
Area
91941 - La Mesa
Interior Details
- Bedrooms: 3
- Bathrooms: 6 Full
- Appliances:
- Air Cond:
- Heating:
- Fireplaces:
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water:
Exterior Details
- Lot Description: 21-25 Units/Acre,No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 20
- Zoning: R3-MU
- Roof:
- Others: 2+ Total Units
- Sewer: Public Sewer
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 4741700300
- Tax Year: N/A
Payment Calculator
Monthly Payment
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- in Taxes
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Questions About..
7025 Boulevard Dr La Mesa, CA 91941
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