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About the Listing SAND-69464 - SAND-650857
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. 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.
Listing Highlights for 633 E Park Ave
Interior Details
- Appliances:
- Air Cond:
- Heating:
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- Floor:
- Basement:
- Other:
- Water:
Exterior Details
- Lot Description: No Land Lease
- Garage Capacity: N/A
- Parking Spaces: 20
- Roof:
- Others: Frame,Stucco,2+ Total Units
- Sewer:
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 4881131600
- Tax Year: N/A
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Monthly Payment
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Listing Location
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633 E Park Ave El Cajon, CA 92020
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