328-420 2Nd St El Cajon, CA 92021

Property Details for 328-420 2Nd St

Year built

1965

Property size

53,233 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 53,233-square-foot shopping center in El Cajon, California, presents a compelling investment opportunity. Boasting a 99% occupancy rate and a strong 6.93% cap rate, this stabilized asset generates a net operating income (NOI) of $1,425,358. The property features a desirable tenant mix including Dollar Tree, Chase Bank, Goodwill, T-Mobile, Grocery Outlet, Total Wireless, and Baskin Robbins, ensuring a consistent income stream. Built in 1965 and renovated in 2014, the center sits on a 187,308-square-foot lot with ample parking (215 spaces). The property benefits from a fee simple ownership structure and is available for a 1031 exchange. Located at the signalized intersection of Madison Ave. and 2nd St., it enjoys high visibility and accessibility with over 37,000 cars passing daily. The center's location within El Cajon's core commercial sector, near major retailers and attractions like Spring Hills Golf Club and Sycuan Casino Resort, further enhances its appeal. The surrounding area boasts a dense population (146,837 residents within a 3-mile radius) with an average household income exceeding $110,382. The majority of tenants have occupied the center for over 10 years, with a weighted average lease term from inception of 14.46 years, and most leases include annual rent increases. The property's strong historical occupancy, minimal landlord expenses, and high barriers to entry due to limited available land in the area contribute to its long-term stability and growth potential. APN: 489-162-17-00. Asking price: $20,557,000.