4818-4832 1/2 Palm Ave Immeuble residentiel 16 lots 4 049 453 € (253 091 €/Lot) Taux de capitalisation 4,32 % La Mesa, CA 91942

This sale includes 2 parcels, located right in the heart of La Mesa Village. On each parcel sits 8 charming, craftsman-style units for a total of 16 units. A great mix of 8 two-bedroom / one-baths, 4 one-bedroom / one-baths, and 4 studios, as well as 14 garages (rented out separately) and leased laundry. Several units are at market rate of $1,995 for 2BR, $1,695 for 1BR, and $1,595 for studios, but many are below market with room for increased revenue.
This property presents a very unique opportunity for future development. Parcel 494-251-16-00 is zoned CD-D, intended to accommodate development that permits high density and mixed use. Parcel 494-251-15-00 is zoned R3. These parcels were originally one but were split into two in 1966, and the County Recorder states they can be combined again into one parcel via a combination request through SDARCC.
La Mesa is building up! Located steps from the La Mesa Village, which boasts shopping, dining, entertainment, and transportation. More than a town, it's a lifestyle, with gyms, Pilates and yoga studios, a Farmers' Market every Friday, trending restaurants, and coffee shops. Just a short stroll away is the fully reimagined Collier Park, which features brand new pickleball and tennis courts, a playground, green spaces, and covered areas for community gatherings, picnics, and more.
La Mesa Village is also home to the La Mesa Oktoberfest, Holiday in the Village, Taste of La Mesa Village, and the La Mesa Classic Car Show. This is a chance to own an established complex, with long-term tenants and strong rent rates—or the potential opportunity to create something new and expansive in a growing San Diego hotspot.
All roofs were replaced in 2023/2024. The whole property was painted in 2023. Interior photos are of the most recent vacancies. Many tenants have been in place long-term, with some as long as 25 years. Existing electrical utilizes fuses. Recent upgrades have been made, but more may be desired. Raised walkways have not been certified in compliance with the upcoming AB-2579 2026 deadline.
Property to be sold on an “as-is, where-is” basis. All information provided is deemed reliable, but not guaranteed. Buyer and Buyer's agent to verify all information, including but not limited to zoning and development potential, prior to COE.