Active

964-980 Merritt Drive

El Cajon CA, 92020

$5,940,000


$415.65 per sqft

Active

14,291 sqft

Commercial

*PORTFOLIO SALE* Seller may consider individual offers. Property to be sold with 986 Merritt Drive & 1096 N. Mollison Ave. (With the option to buy additional properties at 1012-1014 N 1st, 1022-1024 N 1st, 504-506 Ann Street, 1064 E. Madison, and 898 Valley Village). Please call or email for full marketing packages. 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

February 23, 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

30


Garage

Yes


Parking

Garage, Spaces


View

No


County

San Diego


Pool

No


Zoning

R-4


Buyer Agency Compensation

1.5%

Listed by Acre Investment Real Estate, Craig Stewart,
Listing Contact: 760-809-3626 

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