431 Graves Ave El Cajon, CA 92020
- Retirement homes
- 1,895 SF
Current Use by Public Records
- Retirement homes
Property Details for 431 Graves Ave
- Year built
- 1947
- Property size
- 1,895 SF
- Property type
- Retirement homes
Description
This exceptional El Cajon investment opportunity presents a 1947-built, 1,895 square foot apartment building situated on an expansive 11,588 square foot lot. Currently operating as a permitted independent living facility with a strong annual net operating income (NOI) exceeding $134,742, this property offers a 9.17% cap rate. The two, single-story buildings underwent renovations in 2016. The RM-6000 zoning allows for multifamily development, presenting significant value-add potential for an owner/user. The property boasts seven bedrooms and three bathrooms. Further opportunities exist to expand, potentially through the addition of accessory dwelling units (ADUs). The sale includes fully paid solar panels. Seller financing options are available, covering 40-50% of the purchase price. This property is priced at $1,470,000, translating to $775.73 per square foot. This is a rare chance to acquire a well-maintained, income-generating property with substantial upside potential in a desirable El Cajon location. The property's history as an independent living facility provides a solid foundation for continued operation or creative repositioning. The large lot size and favorable zoning provide flexibility for future development and expansion.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- El Cajon
- County
- San Diego
- State
- California
- Longitude
- -116.960342411
- Latitude
- 32.799812379714
