Mixed-Use Condo
For Sale
Contact for pricing
120 Ballantyne Street, El Cajon, CA 92020
Newly constructed mixed-use building with eight residential condominiums and two street-level retail/office suites, 100% occupied.
Property Size10,950 SF
Price / SF$360.73
Days on Market52
Property Features for 120 Ballantyne Street
General Information
Standard status
Active
Size
10,950 SF
Total Parking Spaces
15
Property subtype
Mixed Use, Multifamily
Zoning
C-R MU Overlay
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$169,014
Units
Multifamily Units
8
Office Units
2
Additional Details
Business Included
Yes
Building Details
Year Built
2019
Buildings
1
Stories
3
Units
10
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial West
(619) 840-6692
Listed By:
Ben Ameen · License #01999481
Source:
Crexi
Added: Jul 6
Changed: Aug 14
Last Checked: Aug 25 at 5:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial West
Investment Insights
Based on property information with market context.
Ballantyne Condominiums is a newly constructed mixed-use property featuring eight residential condominium units and two ground-floor retail/office suites. The residential mix includes four 2-bedroom, 2.5-bath units, two 1-bedroom plus study, 1.5-bath units, and two 1-bedroom, 1.5-bath units. Each unit includes an in-unit washer and dryer, an individual HVAC system, and secure gated covered parking.
The property is located in downtown El Cajon, within walking distance of the Magnolia entertainment venue, along with nearby restaurants, shopping, and local amenities.
The two street-level spaces provide additional flexible income as retail/office suites. The property is currently 100% occupied, with residential tenants on month-to-month leases.
The property is located in downtown El Cajon, within walking distance of the Magnolia entertainment venue, along with nearby restaurants, shopping, and local amenities.
The two street-level spaces provide additional flexible income as retail/office suites. The property is currently 100% occupied, with residential tenants on month-to-month leases.
Key Highlights
- Newly built mixed‑use property (2019) with 8 residential condo units and 2 ground‑floor retail/office suites
- 100% occupied; all residential tenants on month‑to‑month leases
- Unit mix: four 2BD/2.5BA units, two 1BD+study/1.5BA units, and two 1BD/1.5BA units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$135,999
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,719,980
$2.7M
Cap Rate 7%
$1,942,843
$1.9M
Cap Rate 9%
$1,511,100
$1.5M
Market Conditions
NOI Build-Up for 10,950 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$236.5K $21.60/SF
− Vacancy
−$18.9K −$1.73/SF
EGI
$217.6K $19.87/SF
− OpEx
−$81.6K −$7.45/SF
NOI
$136.0K $12.42/SF
Area
El Cajon, CA
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,719,980
Cap Rate 7%
$1,942,843
Cap Rate 9%
$1,511,100
Alternative Uses
Best Use
Mixed Use
$1.94M
$1.70M – $2.27M
NOI $135,999 @ 7.0% cap · market cap 3.44%
Second Best
Retail
$1.89M
$1.65M – $2.20M
NOI $132,161 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,444 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
8
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,375
Businesses Nearby
Explore this area
Business Placement
Demographics for 92020, CA
60,454
Population
20,311
Households
3
Avg Household Size
37
Median Age
26%
College-Educated
84%
High-School Grad
11.1 sq mi
ZIP Area
5,446
Density / Sq Mi
$72,822
Median Household Income
$39,855
Median Earnings
$1,793
Median Rent
$741,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly constructed mixed-use building with eight residential condominiums and two street-level retail/office suites, 100% occupied.
Where is this apartment building located?
The property is located at 120 Ballantyne Street El Cajon, CA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Newly built mixed‑use property (2019) with 8 residential condo units and 2 ground‑floor retail/office suites; 100% occupied; all residential tenants on month‑to‑month leases; Unit mix: four 2BD/2.5BA units, two 1BD+study/1.5BA units, and two 1BD/1.5BA units
