Avocado Garden Apartments
24 Unit Apartment Building | $7,080,000 ($295,000/Unit) | 4.19% Cap Rate | El Cajon, CA 92020
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,080,000
- Property Type
-
Multifamily
- Square Feet
- 18,720 SF
Listing Contacts
Graeme Henderson
Verified Profile
Austin Ray Huffman
Verified Profile
- Property Info
Property Overview
Zorbas, Huffman, & Partners of Marcus & Millichap are pleased to present for sale the Avocado Garden Apartments in the heart of El Cajon. located at 200 Taft Street, the subject property is a 24-unit multi-family community sitting on a .73-acre lot.
Constructed in 1986, the property features a unit mix comprised entirely of twenty-four (24) two-bedroom/two-bathroom units averaging 780 square feet. Existing amenities include an on-site laundry facility, gated pedestrian access, and ample off-street parking. The large low-density lot provides open space for potential additional dwelling units (ADU’s).
Additionally offered, 225 Avocado Avenue, a contiguous parcel with an existing 940 sqft three-bedroom/two-bathroom single family home sitting on a 6,616 sqft lot. This lot is prime for ADU development as well.
Significant rental lift can be captured by performing in-unit and community enhancements. The property is conveniently located in the heart of an energetic and thriving historic district, within walking distance to an array of local shopping and dining options, year-round live entertainment, theatre, and festivals. The City of El Cajon is the fifth largest city in San Diego County, with a diverse economic base, regional connectivity across three major highways, local bus services, and MTS trolley lines. One of the most populated areas in the metro, El Cajon contains the largest concentration of apartment inventory in San Diego County. The city is fortified by an inelastic renter base helping sustain a structurally low vacancy rate. The increase in rental demand is driven by a shifting interest to larger units and more green space, away from density and coastal areas.
The site location is ideal, being only 1.2 miles from Interstate 8, and 1.9 miles from the El Cajon Transit Center, residents are proximate to Tier-1 job nodes in Downtown San Diego and Kearny Mesa, Mission Valley is one of the fastest-growing employment centers, and UTC has over 4 million SF of office space, all within 25 minutes of the Avocado Garden Apartments.
Constructed in 1986, the property features a unit mix comprised entirely of twenty-four (24) two-bedroom/two-bathroom units averaging 780 square feet. Existing amenities include an on-site laundry facility, gated pedestrian access, and ample off-street parking. The large low-density lot provides open space for potential additional dwelling units (ADU’s).
Additionally offered, 225 Avocado Avenue, a contiguous parcel with an existing 940 sqft three-bedroom/two-bathroom single family home sitting on a 6,616 sqft lot. This lot is prime for ADU development as well.
Significant rental lift can be captured by performing in-unit and community enhancements. The property is conveniently located in the heart of an energetic and thriving historic district, within walking distance to an array of local shopping and dining options, year-round live entertainment, theatre, and festivals. The City of El Cajon is the fifth largest city in San Diego County, with a diverse economic base, regional connectivity across three major highways, local bus services, and MTS trolley lines. One of the most populated areas in the metro, El Cajon contains the largest concentration of apartment inventory in San Diego County. The city is fortified by an inelastic renter base helping sustain a structurally low vacancy rate. The increase in rental demand is driven by a shifting interest to larger units and more green space, away from density and coastal areas.
The site location is ideal, being only 1.2 miles from Interstate 8, and 1.9 miles from the El Cajon Transit Center, residents are proximate to Tier-1 job nodes in Downtown San Diego and Kearny Mesa, Mission Valley is one of the fastest-growing employment centers, and UTC has over 4 million SF of office space, all within 25 minutes of the Avocado Garden Apartments.
Property Details
- Class
- C
- Year Built
- 1986
- Stories
- 2
- Lot Size (sq. ft)
- 31,799 SF
- Units
- 24
Highlights
- True value-add opportunity with ability to capture upside by implementing an interior and community renovation enhancement program
- Comprised entirely of two-bedroom/two-bathroom units
- ADU potential on low density lots in the heart of El Cajon
- Large single family lot next door located at 225 Avocado Avenue offered separately or together
- Ideally located in the heart of downtown El Cajon; proximate to shopping, dining, parks, theatre, and year-round entertainment
- Residents can take advantage of spacious common areas, on-site laundry facilities, gated pedestrian access, and ample off-street parking
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