964 Merritt Drive

El Cajon, CA 92020

$5,300,000

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Property Description

Seller found his upleg and is MOTIVATED! We are proud to present Merritt Manor, an extremely well-maintained 18-unit apartment complex in one of the nicest areas of El Cajon. The subject property is close to schools, shopping, and transportation. There is an attractive Fannie Mae loan on this property that can be assumed. The interest rate is 3.32%, fully amortized over 30 years, and due in 2027. The current balance on the loan is $2,466,780. With current interest rates averaging 6% or higher, the assumption of the existing loan creates a desirable return on investment. Merritt Manor consists of eight separate one-story buildings, with each unit having private rear yards/patios. Each unit is separately metered for gas and electricity, with individual water heaters and gas appliances. The tenants reimburse the owner for all utilities, including water, sewer, and trash, through a RUBs system. The two front units have attached garages and washer/ dryer hookups, and all the buildings have newer roofs and paint. All the units have wall A/C units. The property has lush, mature trees and landscaping, with plenty of open space between the buildings. The property shows the overall pride of ownership. This property is perfect for a buyer looking for a turnkey investment with some upside in the rents.

Interior Features

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Cooling Type Wall/Window Unit(s)

Listing Information

Address 964 Merritt Drive
City El Cajon
State CA
Zip 92020
County San Diego
Listing Agent Craig Stewart DRE#01060001
Courtesy Of Acre Investment Real Estate
MLS 240001794SD
List Price $5,300,000
Status Active
Type Commercial
Subtype Commercial/Residential
Structure Size N/A
Lot Size N/A
DOM 144

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Maps

Listing information courtesy of: Craig Stewart, Acre Investment Real Estate . *Based on information from the Association of REALTORS/Multiple Listing as of Jun 15th, 2024 at 3:07 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.