SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of 901 E. Madison Ave, a 21-unit property in the San Diego adjacent city of El Cajon.
The 17,728 square foot property situated on a 30,927 square foot lot is located at the south east intersection of E. Madison Avenue and North Mollison Avenue.
The property was purchased by 901 E. Madison Apts. LLC for $3,825,000.
The buyer was represented by Anton Burman of ACI, while the seller, Knoll Marjory was represented by Jamie Vasacek and Jim Vasacek of Western Hills Real Estate.
The property, which consists of twenty 2 bedroom and 1 bathroom units along with a 3 bedroom and 1 bathroom resident manager unit, has immediate curb appeal due to great visibility from the corner lot. Half of the units have been upgraded with wood-like vinyl plank and tile in the living areas while all units have remodeled bathrooms including tubs, tile, and vanity. At time of sale, the property had a price per square foot of $216, a price per door of $182,143, and a GRM of 12.30. There was a credit given to the buyer of $50,000 for deferred maintenance.
The property is situated between El Cajon City Park to the west and Wells Park in the east providing plenty of recreational spaces for tenants. Proximity to Cajon Valley Middle School and Naranca Elementary School, as well as the Madison Plaza Shopping Center make for an ideal location for family focused tenants to reside.
Established in 1982, Apartment Consultants, Inc. (ACI) is a multifamily brokerage firm that specializes in apartment and investment property transactions. We have maintained a solid performance despite changing economic cycles with an average of more than 140 closed escrows per year – that’s more properties than the number two and number three firms combined.
Learn more about ACI at www.aciapartments.com