Thursday, December 17, 2015
Wednesday, October 7, 2015
16 Units on Palm
Monday, March 9, 2015
Add Value -92 Units all two bedrooms
Village Green Apartments
743 S Magnolia Ave.
El Cajon, CA 920203
92 Units
Asking Price is 12.9M
140K per door
$169 per sqft
All two Bedrooms 828 sqft
10 Two Story and one story buildings.
Large storage areas for potentially additional income.
This property is tired and poorly managed; this use to be a
very nice complex.
Cap ex estimate on this deal is estimated at 920K
There is currently a loan that with a prepay (yield Maintenance) of roughly 100K.
The prepay expires August of 2016. The balance of the existing
loan is roughly 2.6M at a rate of 5.6%- Numbers are ran with Buyer assuming new financing.
El Cajon, CA
Add Value Opportunity-30 Units
OLD
150 W. Rennette
150 W. Rennette
El Cajon, CA 92020
Price $ 3,750,000
125K per door
11.04 GRM
Cap Rate 5.16%
Market Cap 5.78 %
Market GRM 10.3
Price per SQFT $214
Note Capital Expenses estimated at 140K to get rents to market.
Cash on Cash (including estimated Cap Ex) at Market is 6 percent
Sales Comps for El Cajon
Loan: approx $2.3M balance, 5 year fixed @ 3.25%, would roll over to 1% pre-pay around May 15th - June 1st this year.
(Currenty 3 years into term, 2 years remaining at 3.25) I would suggest a buyer gets a new loan. Prepay is approx. 25K
HAP program: 24 units under the program
Stage 1: 8 units automatically renews, mid-April
Stage 2: 8 units renews, mid-May
Stage 3; 8 units renews, mid June
Improvements:
Approx. $15,000 will be spent to bring pool up to code and running. New plaster, tile, skimmer, ladder, handrails and pool fence.
$8,000 on parking lot
$12,000 to re-paint building exterior
6 new kitchens will be installed
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