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8858 Olive Lane

Santee, CA 92071
  • $8,250,000
  • STATUS: ACTIVE
  • ON SITE: 56 Days
  • ID#: 240006417
UPDATED: 136 min ago
$8,250,000
  • 3
    BEDS
  • 1.01
    ACRES
  • 3
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

ASSUMABLE FINANCING AVAILABLE, INQUIRE WITH LISTING AGENT. We are pleased to present the Olive Tree Apartments. The Olive Tree Apartments are located at 8858 Olive Lane Santee, CA 92071. This 26-unit apartment community was built in 1979 and sits on a 43,996 square foot lot. The property is comprised of (1) 1bed+1bath unit, & (25) 2bed+2bath units, and 36 surface level parking spaces. The Olive Tree Apartments include a communal BBQ outdoor area, on site laundry, and private balconies or patios for all units. Recent upgrades include but are not limited to a newer roof, parking lot improvements, and outdoor lighting & landscaping. Held long-term by current ownership, the property represents an excellent value add opportunity for astute investors to fix up the units and increase cash flow. The Olive Tree Apartments are less than a mile away from local shopping including Mission Gorge Square Shopping Center, Santee Trolley Square, and Santee Town Shopping Center and Trolley Station. This superb location offers tenants the ability to walk to local shopping, dining, and more. This location also offers easy access to main thoroughfares such as Mission Gorge Road and State Route 52.

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San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
www.sellsandiego.com/homes/148915055
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8858 Olive Lane Santee, CA 92071

  • Price: $8,250,000
  • Status: ACTIVE
  • On Site: 56 Days
  • Updated: 136 min ago
  • ID#: 240006417
3
Beds
3
Baths
0
½ Baths
1.01
Acres
Neighborhood:
Santee (92071)
County:
San Diego
Area:
Santee (92071)
Property Description
ASSUMABLE FINANCING AVAILABLE, INQUIRE WITH LISTING AGENT. We are pleased to present the Olive Tree Apartments. The Olive Tree Apartments are located at 8858 Olive Lane Santee, CA 92071. This 26-unit apartment community was built in 1979 and sits on a 43,996 square foot lot. The property is comprised of (1) 1bed+1bath unit, & (25) 2bed+2bath units, and 36 surface level parking spaces. The Olive Tree Apartments include a communal BBQ outdoor area, on site laundry, and private balconies or patios for all units. Recent upgrades include but are not limited to a newer roof, parking lot improvements, and outdoor lighting & landscaping. Held long-term by current ownership, the property represents an excellent value add opportunity for astute investors to fix up the units and increase cash flow. The Olive Tree Apartments are less than a mile away from local shopping including Mission Gorge Square Shopping Center, Santee Trolley Square, and Santee Town Shopping Center and Trolley Station. This superb location offers tenants the ability to walk to local shopping, dining, and more. This location also offers easy access to main thoroughfares such as Mission Gorge Road and State Route 52.
Exterior Features

Exterior Fully Landscaped Parking Spaces Parking Spaces Total 36

Interior Features

Cooling Central Forced Air ElecWall/Window Floor Coverings TileVinyl Heating Central Forced Air ElecWall Sq Ft Of Improvement 21990 Stories 2 Story

Property Features

Actual Cap Rate 4.41 Actual Gross Scheduled Income 610200.0 Actual Operating Expense 227671 Assumable Finance 0 Buildings 1 Complex Features BBQ Existing Financing Conventional Financial Information Source Owner Gross Equity 4290000 Gross Multiplier 13.5 Have Units Mandatory Remarks None Known Market Area East County Motive Want Sell Projected Cap Rate 6.7 Projected Gross Multiplier 10.1 Projected Gross Scheduled Inc 813852 Short Sale No Special None Sq Ft Source Other/Remarks Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water N Unit Number1 25 Unit Number2 1 Unit Rent Total1 42907 Unit Rent Total2 1950 Unit Type Apartment Zoning R14

San Diego MLS logo Listing provided courtesy of Michael Mignosa of The Browar Group: 408-623-6444. Listing information © 2024 San Diego MLS Inc. Source: SDMLS
San Diego MLS logo This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego MLS, Inc. Licensed in the state of California.
 
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