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$8,750,000
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 250029807
Property Description
This low-density, garden-style community consists of 35 apartment homes spread over more than two acres, offering an attractive unit mix of studios, one-, two-, and three-bedroom floor plans. The property features abundant on-site parking with 54 spaces, including 14 garages, as well as community amenities such as laundry facilities and a leasing office. The asset offers both immediate value-add and long-term development upside. Of the 35 units, 21 remain unrenovated (60% of total units), presenting a significant opportunity to raise rents and achieve an estimated $410 rent premium (24% increase in rental income). Additionally, the large underutilized lot provides the potential to expand the community up to 44 units by right under current zoning, with options to convert garage spaces into Accessory Dwelling Units (ADUs) or additional living areas.
Location
State CA
County San Diego
Area El Cajon (92020)
Building
Story 2
Others
Space Rent $791,580
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Listed by Eric D Comer • Eric D. Comer, Broker
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Donita Thompson
Broker Associate | License ID: 01113919
Broker Associate License ID: 01113919