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Maronda Terrace Apartments 444 Graves Ave 56 Unit Apartment Building $20,366,071 CAD ($363,680 CAD/Unit) 5.06% Cap Rate El Cajon, CA 92020
Investment Highlights
- 56 Unit Gated Community - Well-maintained asset with strong existing cash flow and upside potential
- Prime El Cajon Location in San Diego County Highly - Walkable Location Only 2 Blocks from Main St Downtown El Cajon
- Large Lot with Abundant Parking +/- 1.82 Acre Lot with 68 Parking Spaces for Residents
- Major Capital Improvements Completed - New Roofs, Electrical Panels and Exterior Paint in Recent Years
- Highly Desirable Unit Mix - 930 SF Avg Unit Size and 88% Two Bedroom Units
Executive Summary
CBRE is pleased to present Maronda Terrace, a 56-unit gated multifamily investment opportunity located in the heart of El Cajon, one of East San Diego County’s most established rental markets. Built in 1972, the property sits on an expansive ±1.84-acre parcel and features a desirable unit mix consisting of seven (7) one-bedroom/one-bath units, ten (10) two-bedroom/one-and-a-half-bath townhome units, and thirty-nine (39) two bedroom/ two-bath units, appealing to a broad tenant base seeking larger floor plans and convenient access to regional amenities.
The asset has benefited from extensive capital improvements that significantly reduce deferred maintenance and support long-term operational stability. Recent upgrades include roof replacements with long-term warranties on most buildings, upgraded electrical subpanels, exterior paint, parking lot resurfacing, interior property fencing, asphalt
improvements throughout parking areas, updated water heaters, and completed SB721 balcony inspections. These improvements provide investors with a well-maintained asset requiring limited near-term capital expenditures.
Select units have been renovated with updated flooring, fresh interior paint, and modern finishes, creating a clear path for continued interior upgrades and future rental growth. Residents benefit from a gated community environment featuring a swimming pool, on-site laundry facilities, outdoor grilling areas, and assigned parking.
The asset has benefited from extensive capital improvements that significantly reduce deferred maintenance and support long-term operational stability. Recent upgrades include roof replacements with long-term warranties on most buildings, upgraded electrical subpanels, exterior paint, parking lot resurfacing, interior property fencing, asphalt
improvements throughout parking areas, updated water heaters, and completed SB721 balcony inspections. These improvements provide investors with a well-maintained asset requiring limited near-term capital expenditures.
Select units have been renovated with updated flooring, fresh interior paint, and modern finishes, creating a clear path for continued interior upgrades and future rental growth. Residents benefit from a gated community environment featuring a swimming pool, on-site laundry facilities, outdoor grilling areas, and assigned parking.
Property Facts
| Price | $20,366,071 CAD | Apartment Style | Garden |
| Price Per Unit | $363,680 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.82 AC |
| Cap Rate | 5.06% | Building Size | 52,400 SF |
| Gross Rent Multiplier | 10.73 | Average Occupancy | 100% |
| No. Units | 56 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 1.3/1,000 SF |
| Zoning | R3 G28, El Cajon | ||
| Price | $20,366,071 CAD |
| Price Per Unit | $363,680 CAD |
| Sale Type | Investment |
| Cap Rate | 5.06% |
| Gross Rent Multiplier | 10.73 |
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.82 AC |
| Building Size | 52,400 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.3/1,000 SF |
| Zoning | R3 G28, El Cajon |
Amenities
Unit Amenities
- Dishwasher
- Heating
- Kitchen
- Smoke Free
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 650 - 700 |
| 2+1.5 | 10 | - | 1,050 |
| 2+2 | 39 | - | 950 |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 488-010-37 | Improvements Assessment | $5,324,578 CAD |
| Land Assessment | $4,392,649 CAD | Total Assessment | $9,717,227 CAD |
Property Taxes
Parcel Number
488-010-37
Land Assessment
$4,392,649 CAD
Improvements Assessment
$5,324,578 CAD
Total Assessment
$9,717,227 CAD
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Maronda Terrace Apartments | 444 Graves Ave
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