
Property Details
Property Details
Property Details
8561 Mellmanor Drive, La Mesa, CA 91942
$6,595,000 LOGIN TO SAVE
Bedrooms: 1
Bathrooms: 1
Area: 0 SqFt.
Description
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.
Features
- Number of Units: 27
- Price Per Unit: 244259
- SqFt of Improvement: 16480
Listing provided courtesy of Kire Nastevski of Marcus & Millichap. Last updated 2020-07-16 09:20:37.000000. Listing information © 2021 Sandicor.
Listing provided courtesy of Kire Nastevski of Marcus & Millichap. Last updated 2020-07-16 09:20:37.000000. Listing information © 2021 Sandicor.
WHY WORK
WITH US?
Years in Business
Years
Homes Sold
Units
Total Volume of Sales
and counting
Sold This Year
and counting
Search for your new home

Copyright © 2021
Heritage Real Estate.
All Rights Reserved.
Powered by:
DRE#: | 00939416 |
Office Address: | 255 Orange Ave., Coronado CA 92118 |
Contact No.: | 619-602-9750 |
Email: | Send Message |
Copyright © 2021 Heritage Real Estate. All Rights Reserved.
Powered by: