$6,595,000
8561 Mellmanor Drive, La Mesa, CA 91942
0 Beds
0 Baths
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We are pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. We are pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. We are pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. We are pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. We are pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks. We are pleased to present The Grossmont, a newly renovated, 27-unit gated community in the City of La Mesa, California. Built in 1964 and fully renovated in 2018, The Grossmont is situated on 0.83 acres, and is comprised of 2 two-story buildings, with a mix of 23 one-bedroom/one-bathroom units and 4 two-bedroom/one-bathroom units. The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with below-market rents, it offers a current cap rate of 4.85% and with credible upside to a cap rate of over 5.49% that would yield a leveraged total return of 9.80%. The property features a sparkling swimming pool with a sundeck and shaded barbecue area for entertaining, pedestrian gated access, easy off-street parking and an on-site laundry facility. Property amenities also include a dog park, LED exterior lighting, a poolside restroom, water-wise irrigation and concrete second-story walkway decks.
  • Price:
  • $6,595,000
  • Listing ID #:
  • 200033047
  • Street Address:
  • 8561 Mellmanor Drive
  • City:
  • La Mesa
  • State:
  • California
  • Postal Code:
  • 91942
  • County:
  • San Diego
  • Listing Status:
  • Active
  • Dwelling Type:
  • Com-Res Income
  • Number Of Units:
  • 27
  • For Sale Or Lease?:
  • For Sale
  • Originating Mls:
  • Sandicor
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The amounts for the Tax, Insurance, and HOA are estimates and not actual amounts.

Your Payment
$1,400/mo

Source: CINC

  • Listing Provided By Marcus & Millichap
  • SANDICOR

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