Sold Price:

$4,925,000

Cap Rate:

5.28%

Price/SF:

$371.11

Price/Unit:

$315,625

Gross Building Area:

13,608 SF

Lot Size:

0.69 Acres

Status:

Closed

Submarket:

East County

Property Type:

Apartments

Strategy:

Core

Built in 1986, Broadway Estates offers exclusively spacious two-bedroom floor plans, each with two bathrooms and in-unit stackable laundry machines. Furthermore, the property offers desirable amenities including ample garage and surface parking, a spacious courtyard, private patios and balconies, and a swimming pool. Current ownership has invested significant capital into the property, with work completed since 2021 including new pool fencing, new patio fencing, a repaved concrete driveway, as well as a resurfaced pool and pool deck.

Broadway Estates benefits from its optimal El Cajon location, in close proximity to an abundance of local area amenities. The property is situated within one mile of Madison Elementary School, Montgomery Middle School, and Granite Hills High School. Additionally, the property is located near shops and restaurants along 2nd Street and Main Street, two major thoroughfares in the area. Furthermore, Broadway Estates is located just over two miles from Parkway Plaza, one of the premier shopping destinations in the area with over 1.3 million square feet of retail, dining, and entertainment space.

Given the premier El Cajon location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at Broadway Estates.

Listed By:

Aaron Bove
Senior Managing Director, Investments
aaron.bove@marcusmillichap.com
(858) 945-7094