Gated Multifamily
For Sale
Contact for pricing
444-60 Graves Avenue, El Cajon, CA 92020
56-unit gated multifamily property with a diversified mix of one- and two-bedroom townhome-style residences.
Property Size52,400 SF
Lot Size1.84 Acres
Price / SF$277.67
Days on Market56
Property Features for 444-60 Graves Avenue
General Information
Standard status
Active
Size
52,400 SF
Lot size
1.84 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
56
Building Details
Year Built
1972
Buildings
4
Stories
2
Units
56
Listing Agency:
CBRE - San Diego
(858) 546-2645
Listed By:
Nate Pepper · License #CA 01993739
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 12 at 2:03PM
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 CBRE - San Diego
Investment Insights
Based on property information with market context.
Maronda Terrace is a gated multifamily community built in 1972, offering 56 units within a diversified mix of one- and two-bedroom layouts. The unit mix includes seven one-bedroom/one-bath units, ten two-bedroom/one-and-a-half-bath townhome units, and thirty-nine two-bedroom/two-bath units. The property has received extensive capital improvements designed to reduce deferred maintenance and support ongoing operations.
Recent upgrades include roof replacements on most buildings with long-term warranties, upgraded electrical subpanels, exterior paint, and parking lot resurfacing. Additional improvements include interior property fencing, asphalt improvements throughout parking areas, updated water heaters, and completion of SB721 balcony inspections.
For buyers seeking a residential income asset with a broad tenant mix, the combination of townhome-style two-bedroom units and updated major building components provides a practical foundation for near-term operational continuity. The focus on capital work across roofing, electrical, parking, and balcony inspections may be especially relevant for investors looking to limit immediate capital expenditures while maintaining unit and common-area readiness.
Recent upgrades include roof replacements on most buildings with long-term warranties, upgraded electrical subpanels, exterior paint, and parking lot resurfacing. Additional improvements include interior property fencing, asphalt improvements throughout parking areas, updated water heaters, and completion of SB721 balcony inspections.
For buyers seeking a residential income asset with a broad tenant mix, the combination of townhome-style two-bedroom units and updated major building components provides a practical foundation for near-term operational continuity. The focus on capital work across roofing, electrical, parking, and balcony inspections may be especially relevant for investors looking to limit immediate capital expenditures while maintaining unit and common-area readiness.
Key Highlights
- 56‑unit gated multifamily built in 1972 on an approx. 1.84‑acre parcel in El Cajon
- Unit mix: 7 one bed/one bath, 10 two bed/1.5 bath townhome‑style units, and 39 two bed/2 bath units
- Most buildings include roof replacements with long‑term warranties
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
$486,908
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
3.35%
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%
$9,738,160
$9.7M
Cap Rate 7%
$6,955,829
$7.0M
Cap Rate 9%
$5,410,089
$5.4M
Market Conditions
NOI Build-Up for 52,400 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
$943.2K $18.00/SF
− Vacancy
−$57.9K −$1.11/SF
EGI
$885.3K $16.89/SF
− OpEx
−$398.4K −$7.60/SF
NOI
$486.9K $9.29/SF
Area
El Cajon, CA
Vacancy
6.14%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
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%
$9,738,160
Cap Rate 7%
$6,955,829
Cap Rate 9%
$5,410,089
Alternative Uses
Best Use
Apartment 5plus
$6.96M
$6.09M – $8.12M
NOI $486,908 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.02M
$11.39M – $15.19M
NOI $911,348 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
56
Residential units
Location Intelligence
Trade Area within ½ mile
3,005
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 - 56-unit gated multifamily property with a diversified mix of one- and two-bedroom townhome-style residences.
Where is this apartment building located?
The property is located at 444-60 Graves Avenue El Cajon, CA.
What is the asking price?
The asking price for this property is $14,550,000.
What are key features of this property?
This property features: 56‑unit gated multifamily built in 1972 on an approx. 1.84‑acre parcel in El Cajon; Unit mix: 7 one bed/one bath, 10 two bed/1.5 bath townhome‑style units, and 39 two bed/2 bath units; Most buildings include roof replacements with long‑term warranties
