1096 Mollison Ave El Cajon, CA 92021

This exceptional 36-unit apartment building, Colonial Gardens, presents a compelling value-add investment opportunity in El Cajon, California. Located at 1096 N Mollison Ave, 92021, this property boasts 24,778 square feet across five, two-story buildings on a 1.2-acre lot. Built in 1977 and renovated in 2013, the property features a desirable R-4 zoning designation. Currently operating at 100% occupancy (as of December 4, 2024), the property generates a strong NOI of $550,028, with a pro-forma NOI projected at $572,165, resulting in a 6.25% current cap rate and a pro-forma cap rate of 6.50%. The asking price is $8,800,000, translating to $244,444 per unit and $355.15 per square foot. Amenities include a gated security courtyard, a BBQ area, on-site laundry facilities, and 48 off-street covered parking spaces. The property benefits from a utility reimbursement system (RUBs) for electricity, gas, water, sewer, and trash. Many units offer a townhome-style layout. This fee-simple ownership opportunity is suitable for a 1031 exchange.