Merritt Manor

964-980 Merritt Drive, El Cajon, CA

$5,480,000

Price

14,291 sqft

Building Size

0.96 acres

Lot Area

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Street
Map
Overview
Building Size
14,291 sqft
Lot Area
0.96 acres
Occupancy
100%
Units
18
Year Built
1973
Floors
1
Description

ACRE Investment Real Estate Services is 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 $4,849,963. 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.


El Cajon, California, is a vibrant and welcoming city nestled in the heart of San Diego County. Blessed with a delightful Mediterranean climate, residents and visitors alike can enjoy sunny days and mild winters, creating an inviting atmosphere year-round.
One of El Cajon's standout features is its diverse and inclusive community, representing a tapestry of cultures and backgrounds. This diversity is reflected in the city's vibrant neighborhoods, where people from various walks of life come together to create a harmonious and enriching living environment.

The city takes pride in its well-maintained parks and recreational areas, providing residents with ample opportunities to enjoy the outdoors. El Cajon Valley Park, with its lush greenery and well-designed amenities, serves as a hub for community gatherings, picnics, and outdoor activities. The city's commitment to green spaces enhances the overall quality of life for its residents.

El Cajon is not just a place to live; it's a community that values education. The city is home to excellent schools, both public and private, fostering a supportive environment for students to thrive. Educational institutions play a crucial role in shaping the future, and El Cajon takes this responsibility seriously.

The local economy thrives on a diverse range of industries, from bustling retail districts to innovative manufacturing centers. This economic vitality not only provides employment opportunities but also contributes to the overall prosperity of the community.

Residents of El Cajon enjoy a rich tapestry of cultural events and festivities throughout the year. The city's commitment to promoting arts and culture is evident in its numerous festivals, art exhibits, and community celebrations. These events serve as a testament to El Cajon's lively spirit and the strong sense of community that binds its residents together.

Transportation infrastructure is robust, ensuring easy connectivity to neighboring areas. Well-maintained roads and efficient public transportation options make it convenient for residents to explore the broader San Diego region and beyond.

In summary, El Cajon is more than just a city; it's a warm and inviting community that embraces diversity, values education, celebrates culture and provides a high quality of life for its residents. With its pleasant climate, thriving economy, and a strong sense of community, El Cajon stands out as a shining gem in Southern California.

Highlights
  • Very Attractive, Well Maintained Property
  • RUBs Utility Reimbursement in Place
  • Desirable, Quiet Neighborhood
  • Close to Schools and Transportation
  • Mature Trees, Attractive Landscaping
  • 2 Larger Units with Garages
Location
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