Listed by Newmark - San Diego
$11,750,000
445-523 Hart Drive
Details
APN 483-103-30
Property Type Multifamily
Sub Type Apartment Building
Square Footage 32,800
Units 24
Cap Rate 5.59%
Buildings 12
Stories 2
Acreage 1.670
Parking Spaces 54 spaces
Parking per 1,000 SqFt 1.65
Multifamily | 5.59% CAP | 24 Units
Marketing description
Price reduced $1,450,000. We are pleased to present Hart Townhomes, a 24-unit townhome community in El Cajon offered by the original developer. - Built 1991, comprehensively renovated 2016 to 2019 - 22 three bedroom homes (1,350 SF) and 2 four bedroom homes (1,550 SF) - Every home: attached duet, two car garage, private yard, fireplace, in-unit laundry - Tentative map contemplating individual townhome sales - 98% historical occupancy with four plus year average tenant tenure - In-place rents approximately 12% below market - Comparable El Cajon townhomes averaged $681,000 over trailing twelve months - Only 22.8% of El Cajon apartments contain three bedroom units; just 2.3% include four bedroom units Stabilized cash flow with embedded mark-to-market upside and condominium disposition optionality.
Listing Contacts
Listed by Newmark - San Diego
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