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$1,395,000
Est. payment /mo
8 Beds
6 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
Subdivision La Mesa
MLS Listing ID 250040189
Bedrooms 8
Full Baths 4
Half Baths 4
Year Built 1964
Property Sub-Type Res Income 2-4 Units
Property Type Res Income 2-4 Units
Property Description
8615 Mellmanor Drive presents a rare opportunity to acquire a value-add fourplex in the highly sought-after La Mesa submarket, just blocks from Grossmont Center and minutes from San Diego State University. Built in 1964 and situated on a 10,086 square foot parcel, the 4,140 square foot building features four spacious townhome-style residences, each offering 2BR/1.5BA baths across approximately 960 square feet. Three of the four units benefit from in-unit laundry, and all include private ground-level patios. Current in-place rents remain significantly below market levels, positioning the property for immediate revenue growth through renovations and turnover. With a pro forma gross scheduled income of $124,560 and a projected net operating income of nearly $88,000, investors can achieve a 6.31% cap rate at asking, highlighting the asset's strong financial upside and long-term stability.
Location
State CA
County San Diego
Area East County
Interior
Fireplace No
Exterior
Fence Partial
View Y/N No
Roof Type Composition
Building
Story 2
Level or Stories 2
Others
Tax ID 490-564-08-00
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Listed by Sean Bascom South Coast Commercial, Inc.
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Glen Henderson
Broker Associate | CA BRE #01384181
Broker Associate CA BRE #01384181
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