Sold
Closed
Private Address
$5,050,000
Sold
Closed
Commercial
Listed by Craig Stewart with Acre Investment Real Estate 760-809-3626
Seller found his upleg and is MOTIVATED! 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.
240001794SD
MLSⓇ ID
January 24, 2024
Listed
December 5, 2024
Updated
Interior Features
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.96 Acres
Roof
Composition
Other Property Details
Area Name
92020 - El Cajon
Days on Market
203
Garage
No
Parking Total
0
View
No
County
San Diego
Pool
No
Zoning
R-4
Listing History
Date | Event | Price |
---|---|---|
9/10/2024 | Sold | $5,050,000 |
5/21/2024 | Price change | $5,300,000 -4% |
4/30/2024 | Price change | $5,480,000 -2% |
4/12/2024 | Price change | $5,580,000 -7% |
Listing Contact: 619-255-3222
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/5/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 12/5/2024 at 9:21 AM UTC