Description

We are proud to present the Penny Lane apartments, a completely renovated 14-unit community located in a desirable pocket of the El Cajon submarket within San Diego County. Situated on a 38,768 square foot parcel, the property consists of thirteen 3-Bed/3-Bath units and one detached Studio ADU completed in 2019. The property also has 31 on-site parking spaces, 17 of which are covered carport spaces, in unit laundry equipment, and RUBS have been implemented to reduce expenses and increase cash flow. There is an assumable loan at 2.91%, which is fixed through September 1, 2026. In place 5.31% Cap Rate. The interiors include high end finishes ranging from Samsung black stainless steel appliances including dishwashers and microwaves, quartz countertops, oversized stainless kitchen sinks, and laminate wood-style flooring throughout. All units have custom cabinets with soft-close drawers, custom paint, washers and dryers, central A/C and heating, ceiling fans, and gas fireplaces. Two off street parking spaces are included, with additional spaces available for rent. There are patios and balconies and select units have private yards. This beautifully remodeled property has been well maintained over the years and an opportunity exists to further increase rents by approximately 8% with proper management techniques put into place. Penny Lane is located 17 miles from Downtown San Diego and is in close proximity to the 8, 67, 52, 125, 94, 15, 805 freeways, providing residents with easy access to employment centers, shopping, dining, and entertainment.

Features

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• 0.89 Acres
• 2 Stories
• Number of Units: 14
• Price Per Unit: 463929
• SqFt of Improvement: 15430