Waite Townhomes 7125 Waite Dr 12 Unit Apartment Building $5,414,231 CAD ($451,186 CAD/Unit) 5.61% Cap Rate La Mesa, CA 91941

Waite Townhomes, located at 7125 Waite Drive in La Mesa, California, is a well-positioned twelve-unit townhome community offering a rare and highly desirable all–two-bedroom, one-and-a-half-bath floor plan configuration. The property consists of two six-unit buildings situated on a 21,104 square foot (±0.48-acre) lot, with twenty-six parking spaces arranged in thirteen tandem stalls, providing ample on-site parking for residents.
Each townhome measures approximately 865 square feet and features a private rear patio, creating a more residential, single-family feel that appeals to long-term tenants and families seeking space, privacy, and outdoor living. The townhome-style layout, combined with uniform unit mix and generous square footage, supports stable tenancy and reduced turnover compared to traditional apartment product.
Originally constructed in 1972, Waite Townhomes has been well-maintained and thoughtfully improved, with eleven of the twelve units renovated to include upgraded interiors. Significant recent capital investment enhances the property’s long-term durability and operating efficiency, including a new roof installed in 2021, replacement of all windows and sliding glass doors in 2022, and over $300,000 in capital expenditures completed in 2025. These improvements included renovations to six units, full exterior repainting, and installation of security cameras—substantially reducing near-term capital needs for a new owner.
The property’s location within the incorporated City of La Mesa further strengthens its investment profile. Residents enjoy close proximity to San Diego State University, Grossmont Center, and a variety of retail, dining, and employment hubs, as well as convenient access to major transportation corridors including Interstate 8, State Route 125, and State Route 94. Downtown San Diego is reachable in under twenty minutes, making the property attractive to commuters and professionals alike. La Mesa’s walkable neighborhoods, strong public schools, and limited multifamily development continue to support consistent tenant demand and rental growth.
With solid in-place cash flow, a proven renovation strategy, and a desirable suburban San Diego location, Waite Townhomes presents investors with a compelling opportunity to acquire a well-capitalized, low-maintenance asset offering both income stability and long-term appreciation in one of San Diego County’s most resilient rental markets.