Franklin Ave Apartments | 802-858 Franklin Ave
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Franklin Ave Apartments 802-858 Franklin Ave
24 Unit Apartment Building $5,900,000 ($245,833/Unit) 4.17% Cap Rate El Cajon, CA 92020
Investment Highlights
- True value-add opportunity with ability to capture upside by implementing an interior and community renovation enhancement program
- Ideally located in the heart of downtown El Cajon; proximate to shopping, dining, parks, theatre, and year-round entertainment
- Residents enjoy convenient access to Interstate 8 and major job nodes
- Desirable unit mix of one- and two-bedroom units
- Community amenities include spacious common areas, an on-site laundry facility, and ample off-street parking
Executive Summary
We are pleased to present the “Franklin Ave Apartments,” located at 802-58 Franklin Avenue, a 24-unit multi-family community in Downtown El Cajon. Constructed in 1958, the asset features a unit mix comprised of fourteen (14) one bedroom/one-bathroom units averaging 575 square feet, and ten (10) two-bedroom/one-bathroom units averaging 780 square feet. Existing amenities include spacious common areas, an on-site laundry facility, and ample off-street parking.
Significant rental lift can be captured by performing in-unit and community enhancements. The property is conveniently located in the heart of an energetic and thriving historic district, within walking distance to an array of local shopping and dining options, year-round live entertainment, theatre, and festivals. The City of El Cajon is the fifth largest city in San Diego County, with a diverse economic base, regional connectivity across three major highways, local bus services, and MTS trolley lines. One of the most populated areas in the metro, El Cajon contains the largest concentration of
apartment inventory in San Diego County. The city is fortified by an inelastic renter base helping sustain a structurally low vacancy rate. The increase in rental demand is driven by a shifting interest to larger units and more green space, away from density and coastal areas.
The site location is ideal only 0.8 miles from Interstate 8 and 0.6 miles from the El Cajon Transit Center. Residents are proximate to Tier-1 job nodes in Downtown San Diego and Kearny Mesa, Mission Valley is one of the fastest-growing employment centers, and UTC has over 4 million SF of office space, all within 25 minutes of the Franklin Ave Apartments.
Significant rental lift can be captured by performing in-unit and community enhancements. The property is conveniently located in the heart of an energetic and thriving historic district, within walking distance to an array of local shopping and dining options, year-round live entertainment, theatre, and festivals. The City of El Cajon is the fifth largest city in San Diego County, with a diverse economic base, regional connectivity across three major highways, local bus services, and MTS trolley lines. One of the most populated areas in the metro, El Cajon contains the largest concentration of
apartment inventory in San Diego County. The city is fortified by an inelastic renter base helping sustain a structurally low vacancy rate. The increase in rental demand is driven by a shifting interest to larger units and more green space, away from density and coastal areas.
The site location is ideal only 0.8 miles from Interstate 8 and 0.6 miles from the El Cajon Transit Center. Residents are proximate to Tier-1 job nodes in Downtown San Diego and Kearny Mesa, Mission Valley is one of the fastest-growing employment centers, and UTC has over 4 million SF of office space, all within 25 minutes of the Franklin Ave Apartments.
Property Facts
| Price | $5,900,000 | Apartment Style | Low Rise |
| Price Per Unit | $245,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.51 AC |
| Cap Rate | 4.17% | Building Size | 15,850 SF |
| Gross Rent Multiplier | 13.06 | No. Stories | 2 |
| No. Units | 24 | Year Built | 1958 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $5,900,000 |
| Price Per Unit | $245,833 |
| Sale Type | Investment |
| Cap Rate | 4.17% |
| Gross Rent Multiplier | 13.06 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.51 AC |
| Building Size | 15,850 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Opportunity Zone |
Yes |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 575 |
| 2+1 | 10 | - | 780 |
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Walk Score ®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 487-531-07 | Improvements Assessment | $2,822,813 |
| Land Assessment | $2,122,416 | Total Assessment | $4,945,229 |
PROPERTY TAXES
Parcel Number
487-531-07
Land Assessment
$2,122,416
Improvements Assessment
$2,822,813
Total Assessment
$4,945,229
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Franklin Ave Apartments | 802-858 Franklin Ave
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