7629 Normal Ave

Home » All Multifamily Properties » California & West » 7629 Normal Ave

Address: 7629 Normal Ave, La Mesa, CA 91941, USA

California & West + Apartment Buildings

Created date: July 12, 2024

Date last updated: August 14, 2024

Property Description

The Casa Verde Apartments are a beautifully improved 21 unit complex in the highly sought after La Mesa market. The complex has a prime unit mix of twenty (2 bed/1 bath 850 sq ft) units and one (1 bed/1 bath 500 sq ft) unit. Nine of the 21 units have been completely renovated. This unique and rare property sits on over one full acre of prime real estate, a large portion of which is flat and undeveloped - offering the next owner the opportunity to develop units in the future in a high-demand rental market. Casa Verde gives ownership maximum flexibility - Value-add with minimal outlay of capital necessary (see extensive list of improvements below) along with a lucrative future development opportunity. Due to the massive amount of land accompanying the existing 21 units, there is considerable development opportunity in the future. An investor can capitalize on the MF ADU regulation SB10 for up to 9 more units or SB290 density bonus program if there is an affordable housing component developed. Given La Mesa's state mandated requirement to add 3,797 before 2029, this parcel is the most attractive and logical site for more housing within La Mesa. Casa Verde is wood frame construction with stucco exteriors and new Owens Corning 30+ year pitched composition roofs, originally built in 1958. There are two buildings located around the gated on-site parking and there is a beautiful courtyard affronting the gated and resurfaced pool/BBQ area along with an on-site laundry facility. Additionally, there is a renovated and secure office for on site management and accompanying maintenance room. All units have newer tile in the bathroom and kitchen and newer cabinetry throughout with continuous upgrade of flooring at every lease-turn. All units have been repainted with high quality Sherwin-Williams product. 100% of the bathrooms have new Milgard dual pane windows for ventilation, with many also having accompanying bathroom fans. Most units have upgraded wall heaters.

Unavailable

Request Information

Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$6,995,000
No. of Units:	21
Year Built:	1958
Lot Size:	1.02 Sq ft
Opportunity Zone:	No
Price per unit:	$333,095
Property Website	Click Here