1096 Mollison AveEl Cajon, CA 92021
- Residential income properties
- 24,778 SF
Property Details for 1096 Mollison Ave
- Year built
- 1977
- Lot size
- 1.17 AC
- Property size (Sq ft)
- 24,778 SF
- Zone code
- R-4:MULTIPLE RESIDENTIAL
- Property type
- Residential income properties
- Property subtype
- Other apartment buildings
- APN
- 483-181-31-00
- APU
- 4831813100
Description
This exceptional 36-unit apartment building, Colonial Gardens, presents a compelling value-add investment opportunity in El Cajon, California. Located at 1096 N Mollison Ave, 92021, this property boasts 24,778 square feet across five, two-story buildings on a 1.2-acre lot. Built in 1977 and renovated in 2013, the property features a desirable R-4 zoning designation. Currently operating at 100% occupancy (as of December 4, 2024), the property generates a strong NOI of $550,028, with a pro-forma NOI projected at $572,165, resulting in a 6.25% current cap rate and a pro-forma cap rate of 6.50%. The asking price is $8,800,000, translating to $244,444 per unit and $355.15 per square foot. Amenities include a gated security courtyard, a BBQ area, on-site laundry facilities, and 48 off-street covered parking spaces. The property benefits from a utility reimbursement system (RUBs) for electricity, gas, water, sewer, and trash. Many units offer a townhome-style layout. This fee-simple ownership opportunity is suitable for a 1031 exchange.
Valuation
by Realmo methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $6,825,886
- 6.5%
- $6,300,818
- 7%
- $5,850,760
-
Comparable approach
- Method
- Valuation
- Relative Method
- $6,320,816
- Geo Method
- $13,517,725
-
Alternative Use
- Use
- Valuation
- Residential
- $6,300,818
- Hospitality
- $5,771,516
- Educational
- $4,801,834
- Medical
- $4,966,976
- Retail
- $7,469,518
Location Insight
- City
- El Cajon
- County
- San Diego
- State
- California
- Latitude
- 32.8102
- Longitude
- -116.951
- CBSA code
- 41740
- CBSA name
- SAN DIEGO-CARLSBAD-SAN MARCOS, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at support@realmo.com and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker?
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@realmo.com.