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.

Google Street View Click Here

Google satellite View

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.

Investment Summary with New Loan Click Here

El Cajon, CA

Add Value Opportunity-30 Units

 OLD


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

Google Street View Click Here

Investment Summary Click Here

Note Capital Expenses estimated at 140K to get rents to market.

Cash on Cash (including estimated Cap Ex) at Market is 6 percent

Rental Comps

 Rental Survey CLICK HERE

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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

7240 El Cajon Blvd

SOLD Feb. 2015 for 3.5M


28 Units located at 7240 El Cajon Blvd.

Google street view Link

Built 1972
20,822 SQFT
Lot 14,000 SQFT
Unit Mix:

24 Two Bedroom 1 baths

2 Studios

2 One bedroom One Bath
Last Sale 2.875 M in 2003

Actual Financials

Police Report (Homicide on the Property)
http://www.sandiego.gov/police/about/media/pdf/2010/100629collegeeast.pdf