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Address Not Available By Request

El Cajon, CA 92021
  • $10,764,000
  • STATUS: ACTIVE
  • ON SITE: 36 Days
  • ID#: 240001790
UPDATED: 7 min ago
$10,764,000
  • 0
    BEDS
  • 1.2
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

*PORTFOLIO SALE* Seller may consider individual offers but prefers to sell as a portfolio. Property to be sold with 964-980 Merritt Drive & 986 Merritt Drive (With the option to buy additional properties at 1012-1014 N 1st, 1022-1024 N 1st, 504-506 Ann Street, 1064 E. Madison, and 898 Valley Village). Marketing package and details attached. We are proud presents the Colonial Gardens Apartments, a spacious apartment in El Cajon, California. The Colonial Gardens Apartments offers several amenities to its residents. The property is secured with controlled access and has a charming courtyard-style community.  There is an attractive Fannie Mae loan on this property that can be assumed.  The interest rate is 3.32%, fully amortized over 30 years, and due in 2027.  The current balance on the loan is $4,849,963.  With current interest rates averaging 6% or higher, the assumption of the existing loan creates a desirable return on investment.  The property also includes a BBQ area and on-site laundry facilities. The owner has instituted a utility billing system allowing the tenants to pay for electricity, gas, water, sewer, and trash. One of the major advantages of this apartment is that it comes with off-street parking, which is a huge convenience in a busy location.  The apartment itself has newer energy-efficient air conditioning, which means that the resident can enjoy a comfortable living space while also keeping their energy bills low. Additionally, the apartment has been recently painted and is in very clean condition.

Monthly Payment Calculator

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/146897210
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Address Not Available By Request El Cajon, CA 92021

  • Price: $10,764,000
  • Status: ACTIVE
  • On Site: 36 Days
  • Updated: 7 min ago
  • ID#: 240001790
0
Beds
0
Baths
0
½ Baths
1.2
Acres
Neighborhood:
El Cajon (92021)
County:
San Diego
Area:
El Cajon (92021)
Property Description
*PORTFOLIO SALE* Seller may consider individual offers but prefers to sell as a portfolio. Property to be sold with 964-980 Merritt Drive & 986 Merritt Drive (With the option to buy additional properties at 1012-1014 N 1st, 1022-1024 N 1st, 504-506 Ann Street, 1064 E. Madison, and 898 Valley Village). Marketing package and details attached. We are proud presents the Colonial Gardens Apartments, a spacious apartment in El Cajon, California. The Colonial Gardens Apartments offers several amenities to its residents. The property is secured with controlled access and has a charming courtyard-style community.  There is an attractive Fannie Mae loan on this property that can be assumed.  The interest rate is 3.32%, fully amortized over 30 years, and due in 2027.  The current balance on the loan is $4,849,963.  With current interest rates averaging 6% or higher, the assumption of the existing loan creates a desirable return on investment.  The property also includes a BBQ area and on-site laundry facilities. The owner has instituted a utility billing system allowing the tenants to pay for electricity, gas, water, sewer, and trash. One of the major advantages of this apartment is that it comes with off-street parking, which is a huge convenience in a busy location.  The apartment itself has newer energy-efficient air conditioning, which means that the resident can enjoy a comfortable living space while also keeping their energy bills low. Additionally, the apartment has been recently painted and is in very clean condition.
Exterior Features

Construction BrickDrywallFrameStucco Exterior All Auto SprinklersBlock FenceCable AvailableMetal Fence Parking CarportsSpaces Roof Composition

Interior Features

Cooling Wall/Window Floor Coverings TileVinylWall to Wall Carpet Floors SlabWood Heating Wall Laundry Owned Sq Ft Of Improvement 24778 Stories 2 Story

Property Features

Actual Cap Rate 5.03 Actual Gross Scheduled Income 738432.0 Actual Operating Expense 219771 Assumable Finance 4849000 Buildings 4 Complex Features BBQ Existing Financing Conventional Financial Information Source Owner Gross Equity 10764000 Gross Multiplier 14.58 Have Units Leased Apartments 36 Mandatory Remarks None Known Market Area East County Motive Want Exchange Present Loan Assumable At 3.32% Short Sale No Special None Sq Ft Source Buyer to Verify Tenant Pays Electric Y Tenant Pays Gas Y Tenant Pays Water Y Terms Assumable 1st Unit Type Apartment Zoning R-4

San Diego MLS logo Listing provided courtesy of Craig Stewart of Acre Investment Real Estate: 760-809-3626. 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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