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$3,195,000
Est. payment /mo
16 Beds
16 Baths
7,440 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Com-Res Income
Listing Status Active
Purchase Type For Sale
Square Footage 7,440 sqft
Price per Sqft $429
MLS Listing ID 260024843
Bedrooms 16
Full Baths 16
Property Sub-Type Com-Res Income
Property Type Com-Res Income
Property Description
633 E Park Avenue presents a fantastic opportunity to acquire a fully occupied, 16-unit apartment community in El Cajon at a 6.52% in-place cap rate, SIGNIFICANLY better then any other market opportunity currently available and well above the 4.7% San Diego County multifamily average. Built in 1972 and situated on a 16,122 square foot corner parcel, the approximately 7,440 square foot, two-story buildings feature sixteen 1BR/1BA units, a gated on-site parking lot with 20 spaces, and wrought-iron perimeter fencing. The RUBS billback and laundry produce approximately $6,375 per year in additional income. Upside remains increasing rent to market at $1,700 per month. With an actual gross scheduled income of $322,629 and a net operating income of over $208,000, investors can achieve a 6.52% cap rate at asking, rising to 6.82% at market rents, with a 1.58 debt coverage ratio on new financing. The property's location further elevates its investment appeal. 633 E Park Avenue sits just blocks from Interstate 8, and minutes from downtown El Cajon, Parkway Plaza, and the East Main Street retail corridor. The all one-bedroom unit mix keeps leasing, turnover, and management simple. For investors seeking a stabilized, easily managed asset with a cap rate well above the market, utility recovery already in place, and positive cash flow from day one, 633 E Park Avenue, represents a compelling acquisition in the heart of East County.
Location
State CA
County San Diego
Area East County
Interior
Flooring Slab
Fireplace No
Exterior
View Y/N No
Total Parking Spaces 20
Building
Story 2
Others
Senior Community No
Tax ID 4881131600
Special Listing Condition Call Agent
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Listed by Sean Bascom, DRE#01862044 South Coast Commercial, Inc.
Nearby School & Business
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