Kenny Stevens Team is pleased to present 748 N. 3rd St, a 17-unit townhouse-style complex located in the suburban family-focused east county region of San Diego. Built in 1982, this sprawling townhouse complex is 30 minutes from downtown San Diego and consists of (17) 2-bdrm. and 1.5-bath townhomes that are approx. 1,045 SF. Each unit includes a back patio, washer, and dryer. 748 N. 3rd St presents approx. 56% rental upside compared to renovated townhomes in the area. The property is offered at $264,000 per unit and $254 per foot, and at the list price, it stabilizes at an 8.56% CAP rate & 8.50 market GRM with projected market rents. Please note, 748 N. 3rd is not subject to local rent control, allowing for an annual rent increase of 5% + CPI. In addition to the spacious units and significant rental upside, this townhouse complex resides on nearly an acre lot with abundant parking, and a well-maintained community pool.
17 Townhouse-Style Units in San Diego County
748 N. 3rd Street, El Cajon
Property Details
Price $4,500,000
Year Built 1982
# of Units 17
Price P/ Unit $264,706
Sq. ft. 17,748 SF
Price p/ Sq. ft. $254
Current Cap Rate 4.41%
Proforma Cap Rate 8.56%
Lot Size 38,333 SF
Zoning C
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