Sunset Gardens Apartments 848 N Mollison Ave 102 Unit Apartment Building $35,968,139 CAD ($352,629 CAD/Unit) 6% Cap Rate El Cajon, CA 92021

CBRE is pleased to present the opportunity to acquire Sunset Gardens, a 102-unit value add opportunity located in the high-occupancy suburban submarket of El Cajon in East County San Diego.
The property, built in 1976, features a two-story low-density design at only 33 units to the acre. The floor plans average a generous 931 square feet, with a mix of 52% spacious 1-bedroom units at 738 square feet and 48% two-bedroom townhomes at 1,140 square feet. Onsite amenities include a swimming pool, laundry facilities, private patios/balconies, off-unit assigned parking (select units) and carport parking.
Sunset Gardens is located less than a 3-minute drive from both Interstate 8 and State Route 67, providing tenants with convenient access to major employment corridors such as Downtown San Diego, Mission Valley, UTC, Miramar and Kearny Mesa. For this reason, the submarket of El Cajon has established itself as a preferred destination for young families, young professionals and military personnel seeking the relative affordability and large floorplans offered within the area without sacrificing the ability to easily commute to and from their place of work. Additionally, the subject property’s location places it at the center of local amenities including Target and Walmart anchored retail centers, The Magnolia Theatre and Downtown El Cajon – which serves as a vibrant, walkable, restaurant-rich and actively gentrifying cultural hub within the submarket. With a Walk Score of 75, residents enjoy easy access to daily essentials, shopping, and transit.
Sunset Gardens offers immediate positive leverage on current financials, with a favorable basis at only $255,000 per unit. Additionally, 93 out of the 102 units onsite are rented below the 80% AMI Rent Level, providing for an affordable conversion opportunity, with the current lease expiration schedule allowing for a 100% tax exemption by Year 2.
Sunset Gardens presents the opportunity to acquire a well-maintained asset in a high-performing rental market, offering both near-term income stability and long-term upside potential, driven by strong local fundamentals and consistent tenant demand.