1076 S Magnolia Ave, El Cajon, CA 92020

Property Description

***Back on Market! Buyer failed to perform*** Marcus & Millichap is pleased to present for sale eighteen (18) garden style apartment units located at 1076 South Magnolia Avenue in El Cajon, California. The property comprises all spacious, 2-bedroom, 2-bathroom units, seven of which have been completely renovated by the current owner and feature new cabinetry, flooring, and appliances, as well as granite countertops and updated finishes. The grounds of the complex are professionally landscaped, and the property also features a common area with a small playground, an on-site laundry facility, and ample resident parking. Owned and operated by a very hands-on landlord, the property is effectively in turn-key condition. The current income will provide the next owner with a solid cash-on-cash return, however continued renovation to the remaining eleven units will allow for a substantially higher pro-forma return.