- November 11, 2020
The Grossmont presents an excellent opportunity to acquire a desirable, fully-renovated asset with belowmarket 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 secondstory walkway decks.
The spacious floorplans are well-appointed with granite countertops, new cabinets, above the range microwave appliance packages, wall air conditioning, dual pane windows, large closets, patios and vinyl plank flooring. Centrally located in La Mesa, The Grossmont is a short drive to Interstate-8 which serves as a key interregional east/west travel corridor through San Diego County, and is one of the more heavily trafficked freeways. The property is only 0.5 miles from Sharp Grossmont Hospital and The Grossmont Shopping Center. Sharp Grossmont Hospital is East County’s largest health care facility with 524 beds, cutting edge medical care, and total patient revenue of over $3.7 billion.
The Grossmont Center is an outdoor shopping mall with 100 unique stores, over 20 restaurants, and 10 large movie screens. The Grossmont Transit Center is a short 3-minute walk from The Grossmont, and provides residents effective high-quality rail and bus line transportation options for convenient access to major employment centers and popular destinations. San Diego State University, with a student body of over 34,000 is 5.0 miles West of The Grossmont along the I-8 corridor, and generates over $2.4 billion annually for the San Diego economy. Downtown San Diego is just a 15-minute drive from The Grossmont.
