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594 Graves Ave 10 Unit Apartment Building $2,800,000 ($280,000/Unit) 4.60% Cap Rate El Cajon, CA 92020
Investment Highlights
- All large 2 bedroom / 1 Bathroom Units (845sf)
- Strong 4.6% In-Place Cap Rate + Immediate Upside
- 23 On-Site Parking Spaces
- 8 out of 10 units newly renovated
- Large 19,973 SF lot
- All Tenants Due for Rental Increase
Executive Summary
594 Graves Ave is a 10-unit multifamily property located in the highly desirable rentable market of El Cajon. The property consists of a single, two-story structure with a large laundry room as well as a community front patio. The 8,483 square foot structure features (10) 2 bedroom / 1-bathroom units, each at 845 square feet. 8/10 units each have been newly remodeled with porcelain tile flooring, quartz countertops, dove tail cabinets, and stainless-steel appliances. Tenants have not had a rental increase in over 2 years. There is upside for a buyer to renovate the remaining two vintage units and bring them to market rents.
Property Facts
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $280,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.45 AC |
| Cap Rate | 4.60% | Building Size | 8,483 SF |
| Gross Rent Multiplier | 12.7 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2025 |
| Property Subtype | Apartment | Parking Ratio | 2.35/1,000 SF |
| Zoning | R-4 - Multi-Family | ||
| Price | $2,800,000 |
| Price Per Unit | $280,000 |
| Sale Type | Investment |
| Cap Rate | 4.60% |
| Gross Rent Multiplier | 12.7 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.45 AC |
| Building Size | 8,483 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2025 |
| Parking Ratio | 2.35/1,000 SF |
| Zoning | R-4 - Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Storage Space
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 10 | - | 845 |
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Property Taxes
| Parcel Number | 483-330-40 | Improvements Assessment | $1,241,613 |
| Land Assessment | $1,379,570 | Total Assessment | $2,621,183 |
Property Taxes
Parcel Number
483-330-40
Land Assessment
$1,379,570
Improvements Assessment
$1,241,613
Total Assessment
$2,621,183
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594 Graves Ave
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