Four-Unit Gated Apartment
538 S Johnson Avenue El Cajon, CA 92020
538 S Johnson Avenue, El Cajon, CA, 92020
$1,525,000
Pending
For Sale
$1,525,000
Pending
Four three-bedroom, two-bath units with central HVAC, on-site laundry, and eight parking spaces in a gated complex.
Property Size4,800 SF
Days on Market289
Property Features for 538 S Johnson Avenue
General Information
- Standard status
- Pending
- Size
- 4,800 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1979
Listing agency
Coldwell Banker Realty
(619) 322-0326
Listed by
Dustyn Evans · License #02072664
(619) 322-0326
Source
Exitrealty
Added: Oct 8, 2025 Updated: Jul 22 at 3:56AM Checked: Jul 22 at 3:56AM
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 Realty
Investment Insights
Based on property information with market context.
A four-unit gated residential income property offering two-story living arrangements, with two units downstairs and two units upstairs. Each unit includes approximately three bedrooms and two bathrooms, and features central air conditioning and heat. Kitchens are equipped with a dishwasher, garbage disposal, refrigerator, and range. A shared on-site laundry room serves the community, and there are eight parking spaces total, two per unit. Select units have updated carpet and vinyl flooring, and the building exterior was fully repainted last year.
The property is positioned just minutes from downtown El Cajon, Parkway Plaza shopping center, local restaurants, schools, and major freeways including I-8 and 67, supporting convenient tenant access.
Current total rents are stated at $8,675 per month, reflecting stable income. The offering notes potential for future growth through light updates and rent optimization.
The property is positioned just minutes from downtown El Cajon, Parkway Plaza shopping center, local restaurants, schools, and major freeways including I-8 and 67, supporting convenient tenant access.
Current total rents are stated at $8,675 per month, reflecting stable income. The offering notes potential for future growth through light updates and rent optimization.
Key Highlights
- Four‑unit gated complex built in 1979, offering 3 bed/2 bath units with approx. 1,200 SF each
- Layout includes two units on the lower level and two units on the upper level
- Total rents are $8,675 per month, with eight parking spaces (2 per unit)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $74.9k | $15.60 |
| − Vacancy | −$4.4k | −$0.91 |
| EGI | $70.5k | $14.69 |
| − OpEx | −$21.2k | −$4.41 |
| NOI | $49.4k | $10.28 |
4,800 SF · lease $15.60/SF/yr · vacancy 5.83% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$705.1K
$617.0K – $822.7K
NOI $49,360 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$637.2K
$557.5K – $743.4K
NOI $44,602 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,482 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Four three-bedroom, two-bath units with central HVAC, on-site laundry, and eight parking spaces in a gated complex.
Where is this quadplex located?
The property is located at 538 S Johnson Avenue El Cajon, CA.
What is the asking price?
The asking price for this property is $1,525,000.
What are key features of this property?
This property features: Four‑unit gated complex built in 1979, offering 3 bed/2 bath units with approx. 1,200 SF each; Layout includes two units on the lower level and two units on the upper level; Total rents are $8,675 per month, with eight parking spaces (2 per unit)
