Sold
964-980 Merritt Drive
El Cajon CA, 92020
$5,050,000
$353.37 per sqft
Sold
14,291 sqft
Commercial
Seller found his upleg and is MOTIVATED! We are proud to present Merritt Manor, an extremely well-maintained 18-unit apartment complex in one of the nicest areas of El Cajon. The subject property is close to schools, shopping, and transportation. There is an attractive Fannie Mae loan on this property that can be assumed. The interest rate is 3.32%, fully amortized over 30 years, and due in 2027. The current balance on the loan is $2,466,780. With current interest rates averaging 6% or higher, the assumption of the existing loan creates a desirable return on investment. Merritt Manor consists of eight separate one-story buildings, with each unit having private rear yards/patios. Each unit is separately metered for gas and electricity, with individual water heaters and gas appliances. The tenants reimburse the owner for all utilities, including water, sewer, and trash, through a RUBs system. The two front units have attached garages and washer/ dryer hookups, and all the buildings have newer roofs and paint. All the units have wall A/C units. The property has lush, mature trees and landscaping, with plenty of open space between the buildings. The property shows the overall pride of ownership. This property is perfect for a buyer looking for a turnkey investment with some upside in the rents.
240001794
MLSⓇ ID
January 24, 2024
Listed
November 22, 2024
Updated
Map
964-980 Merritt Drive
El Cajon CA, 92020
Interior Features
Total Stories
1
Laundry Description
Owned
Floor Description
Concrete, Wood, Tile, Vinyl, Carpet
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Features
All Auto Sprinklers, Landscaped
Roof
Composition
Other Property Details
Area Name
East County
Days on Market
203
Garage
Yes
Parking
Garage, Spaces
View
No
County
San Diego
Pool
No
Zoning
R-4
Listing History
Date | Event | Price |
---|---|---|
9/10/2024 | Sold | $5,050,000 |
8/15/2024 | Pending | — |
5/21/2024 | Price change | $5,300,000 -4% |
4/30/2024 | Price change | $5,480,000 -2% |
4/12/2024 | Price change | $5,580,000 -7% |
Listed by Acre Investment Real Estate, Craig Stewart,
Listing Contact: 760-809-3626
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