5015 Comanche Dr, La Mesa

Case Study: 5015 Comanche Dr, La Mesa

A 12-unit, all three-bedroom building in La Mesa sold for $3,220,000 ($268,000 per unit) at a 5.32% cap rate after 11 days on market. Arby Eivazian represented the seller.

Sale snapshot

• Sale price: $3,220,000 (about $268,000 per unit)

• Cap rate at sale: 5.32%

• Units: 12, all 3BD/1BA

• Building size: 11,649 SF

• Recent improvements: $100,000+ in interior and exterior upgrades

• Days on market: 11

• Representation: Seller

The property

Twelve three-bedroom units minutes from the 94 and 125 freeways. Before the sale, the owner had completed more than $100,000 in upgrades: modernized kitchens, new flooring and fixtures inside, and a resurfaced driveway and upgraded front porches outside.

How we positioned it

• Led with the all-three-bedroom layout, which is scarce in East County

• Documented the completed renovation so buyers could underwrite it rather than discount it

• Presented the remaining interior upside to value-add buyers

• Priced from La Mesa comparables for family-sized units

For owners who have already renovated

Buyers only pay for improvements they can verify. Receipts, scope and before-and-after rents turn a renovation from a claim into something a buyer's underwriter can credit.

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