10 Apartments + 5 Retail | Value-Add or Redevelop
• Asking Price: $5,900,000
• Cap Rate: 5.03%
• 15 Total Income-Producing Units/Suites
• 10 Apartment Units
• 5 Retail Suites
• Apartment Mix: 6 One-Bedroom/One-Bath Units and 4 Two-Bedroom/One-Bath Units
• Approximately 18,048 SF Total Building Area
• Approximately 0.86 Acres
• 2 Buildings
• 2 Stories
• Fully Leased Mixed-Use Investment
• Diversified Residential and Commercial Income
• Value-Add Apartment Renovation Potential
• Potential Rental Upside
• Longer-Term Redevelopment and Densification Potential
• Excellent Access to I-8 and SR-125
• Near Grossmont Center and Sharp Grossmont Hospital
Property Description
8870–8878 La Mesa Boulevard presents the opportunity to acquire a fully leased mixed-use investment combining a 10-unit apartment community with five retail suites in La Mesa. Offered at $5,900,000, the property generates diversified residential and commercial income and is currently marketed at a 5.03% capitalization rate.
The residential component consists of six one-bedroom/one-bath units and four two-bedroom/one-bath units. The overall property totals approximately 18,048 square feet across two buildings situated on approximately 0.86 acres. The apartments provide potential upside through rental growth and interior renovations, while the retail component provides additional stabilized income.
The property is strategically located near Interstate 8 and State Route 125 with convenient access to Downtown La Mesa, Grossmont Center, Sharp Grossmont Hospital, San Diego State University, and major employment centers throughout San Diego County. The site's substantial land area also provides longer-term redevelopment and densification potential.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $5,900,000 |
| No. of Units: | 10 |
| Cap Rate: | 5.03% |
| GRM /GIM: | 13.24 |
| Building Size: | 18,048 Sq ft |
| Lot Size: | 0.86 Acres |
| No. of Stories: | 2 |
| APN: | 494-840-01-00, 494-840-02-00 |
| Zoning Code: | RB-D-MU & C-D-MU |
| Opportunity Zone: | No |
| Price per unit: | $590,000 |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|---|---|---|
| Retail Spaces | 5 | 2224 | 4173 |
| 2 BD/ 1 BA | 4 | 861 | 2166 |
| 1 BD/ 1 BA | 6 | 851 | 1660 |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Financial year: | 2026 |
| Gross income: | 445488 |
| Effective Gross income: | 429296 |
| Operating expenses: | 132500 |
| Net operating income: | 296797 |
| Pre-tax cashflow: | 296797 |
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