748 N 3rd Street, El Cajon, CA 92021
Property
Sold November 2023
Listing Agent: Kenny Stevens (DRE #01090251) · Listing Office: Compass · Contact: 310-230-5478 · Bought with: Athir Markos · Keller Williams Realty · MLS #23301383 · Source: CRMLS
About this property
748 N. 3rd St is 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 bright and spacious 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 (currently 10%). In addition to the spacious units and significant rental upside, this townhouse complex resides on nearly an acre lot (38,333 SF) with abundant parking (approx. 33 parking spaces) and a well-maintained community pool.
Listing description from the November 2023 sale, as reported to CRMLS.
Sale history