Skip To Content

Address Not Available By Request

El Cajon, CA 92020
  • $5,940,000
  • STATUS: ACTIVE
  • ON SITE: 83 Days
  • ID#: 240001794
$5,940,000
  • 0
    BEDS
  • 0.96
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

We are proud to present Merritt Manor, an extremely well-maintained 18-unit apartment complex in one of the nicest areas of El Cajon. The subject property is close to schools, shopping, and transportation. 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 $2,466,780. With current interest rates averaging 6% or higher, the assumption of the existing loan creates a desirable return on investment. Merritt Manor consists of eight separate one-story buildings, with each unit having private rear yards/patios. Each unit is separately metered for gas and electricity, with individual water heaters and gas appliances. The tenants reimburse the owner for all utilities, including water, sewer, and trash, through a RUBs system. The two front units have attached garages and washer/ dryer hookups, and all the buildings have newer roofs and paint. All the units have wall A/C units. The property has lush, mature trees and landscaping, with plenty of open space between the buildings. The property shows the overall pride of ownership. This property is perfect for a buyer looking for a turnkey investment with some upside in the rents.

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/146897211
Print Image

Address Not Available By Request El Cajon, CA 92020

  • Price: $5,940,000
  • Status: ACTIVE
  • On Site: 83 Days
  • ID#: 240001794
0
Beds
0
Baths
0
½ Baths
0.96
Acres
Neighborhood:
El Cajon (92020)
County:
San Diego
Area:
El Cajon (92020)
Property Description
We are proud to present Merritt Manor, an extremely well-maintained 18-unit apartment complex in one of the nicest areas of El Cajon. The subject property is close to schools, shopping, and transportation. 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 $2,466,780. With current interest rates averaging 6% or higher, the assumption of the existing loan creates a desirable return on investment. Merritt Manor consists of eight separate one-story buildings, with each unit having private rear yards/patios. Each unit is separately metered for gas and electricity, with individual water heaters and gas appliances. The tenants reimburse the owner for all utilities, including water, sewer, and trash, through a RUBs system. The two front units have attached garages and washer/ dryer hookups, and all the buildings have newer roofs and paint. All the units have wall A/C units. The property has lush, mature trees and landscaping, with plenty of open space between the buildings. The property shows the overall pride of ownership. This property is perfect for a buyer looking for a turnkey investment with some upside in the rents.
Exterior Features

Construction DrywallFrameStucco Exterior All Auto SprinklersFully Landscaped Parking GaragesSpaces Roof Composition Units With Garages 2

Interior Features

Cooling Wall/Window Floor Coverings TileVinylWall to Wall Carpet Floors SlabWood Heating Wall Laundry Owned Sq Ft Of Improvement 14291 Stories 1 Story

Property Features

Actual Cap Rate 4.48 Actual Gross Scheduled Income 364692.0 Actual Operating Expense 122386 Assumable Finance 2466780 Buildings 8 Complex Features None Existing Financing Conventional Financial Information Source Owner Gross Equity 5940000 Gross Multiplier 16.29 Have Units Mandatory Remarks None Known Market Area East County Motive Want Exchange Present Loan Assumable Projected Cap Rate 4.62 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.
 
https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_240001794-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_240001794-2.jpg https://bt-photos.global.ssl.fastly.net/sandiego/1280_boomver_1_240001794-2.jpg
Logo
The Neuman Team
516 5th Avenue
San Diego CA, 92101