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360 N 1st St
El Cajon, CA 92021
The Heritage · Multifamily Property For Sale
·
56 Units
PROPERTY FACTS
| No. Units | 56 | Lot Size | 1.61 AC |
| Property Type | Multifamily | Building Size | 47,100 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1973/2020 |
| Building Class | B | Parking Ratio | 2.14/1,000 SF |
| Zoning | R3 | ||
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.61 AC |
| Building Size | 47,100 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2020 |
| Parking Ratio | 2.14/1,000 SF |
| Zoning | R3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Freezer
- Patio
- Wheelchair Accessible (Rooms)
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Gated
- Grill
- Lounge
- Online Services
- Sundeck
- Walk-Up
ABOUT 360 N 1ST ST , EL CAJON, CA 92021
The Heritage is a rare opportunity to acquire a high-quality asset at only 13 times annual gross rents. A new owner has opportunity to get this asset to operate at a 6% CAP rate without a tremendous amount of capital going towards improvements. The heavy lifting has already been done. The community has been thoroughly remodeled from the studs in 2009, but has been poorly managed. Good news is that management is usually cheapest and easiest fix! All units now have washer/dryers, central air-conditioning, granite counters, SS appliances, and vanities, dual-pane windows. The property has pitched roofs, 89 parking spaces (+1.5/unit), newly plastered pool, BBQ area, and gated entry. It’s centrally located near downtown El Cajon and many retail locations, including grocery stores, restaurants, banks, schools, and parks. $8.35m assumable loan at 3.75% (5 year fixed, P&I, non-recourse, with Chase from 9/1/17, 1% assumption fee).
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 36 | $1,448 | 684 - 760 |
| 3+2 | 20 | $1,623 | 936 - 1,050 |
PROPERTY TAXES
| Parcel Number | 489-130-42 | Improvements Assessment | $6,637,336 |
| Land Assessment | $7,808,631 | Total Assessment | $14,445,967 |
PROPERTY TAXES
