431 Graves AveEl Cajon, CA 92020

Property Details for 431 Graves Ave

Year built

1947

Property size (Sq ft)

1,895 SF

Property type

Specialty properties

Property subtype

Retirement homes

Description

This exceptional El Cajon investment opportunity presents a 1947-built, 1,895 square foot apartment building situated on an expansive 11,588 square foot lot. Currently operating as a permitted independent living facility with a strong annual net operating income (NOI) exceeding $134,742, this property offers a 9.17% cap rate. The two, single-story buildings underwent renovations in 2016. The RM-6000 zoning allows for multifamily development, presenting significant value-add potential for an owner/user. The property boasts seven bedrooms and three bathrooms. Further opportunities exist to expand, potentially through the addition of accessory dwelling units (ADUs). The sale includes fully paid solar panels. Seller financing options are available, covering 40-50% of the purchase price. This property is priced at $1,470,000, translating to $775.73 per square foot. This is a rare chance to acquire a well-maintained, income-generating property with substantial upside potential in a desirable El Cajon location. The property's history as an independent living facility provides a solid foundation for continued operation or creative repositioning. The large lot size and favorable zoning provide flexibility for future development and expansion.

Location Insight

City

El Cajon

County

San Diego

State

California

Latitude

32.7998

Longitude

-116.96

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