MULTIPLE OFFERS FIELDED FOR APARTMENTS IN EL CAJON
A 20-unit apartment property on 1st Street in El Cajon has been sold for $4.65 million, according to a real estate brokerage.
Aaron Bove, senior vice president at Marcus & Millichap’s San Diego Del Mar office, represented the seller, a limited liability company. The firm did not identify the buyer.
“San Diego has the tightest Class-C vacancy rate in the nation, a position that is fueling investor competition targeting these lower-tiered properties,” he said, adding that multiple offers came in on the property, which closed at list price.
The property, 532 N. 1st St., is just over 12,000 square feet and sits on a 21,928 square-foot lot. The units are all two-bedroom, one bath.
Several units have been renovated with new kitchens and tile or carpeted flooring. Community amenities include off-street parking, gated entry, a common laundry facility and community courtyard.
Marcus & Millichap is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.