964-980 Merritt Drive

El Cajon, CA 92020

$5,940,000
Price
Beds
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

Portfolio sale Seller may consider individual offers. Property to be sold with 986 Merritt Drive & 1096 N. Mollison Ave. (With the option to buy additional properties at 1012-1014 N 1st, 1022-1024 N 1st, 504-506 Ann Street, 1064 E. Madison, and 898 Valley Village). Please call or email for full marketing packages. We are 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,...Portfolio sale Seller may consider individual offers. Property to be sold with 986 Merritt Drive & 1096 N. Mollison Ave. (With the option to buy additional properties at 1012-1014 N 1st, 1022-1024 N 1st, 504-506 Ann Street, 1064 E. Madison, and 898 Valley Village). Please call or email for full marketing packages. We are 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 $2,466,780. 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.
  1. Listed by Craig Stewart • DRE #01060001 • Acre Investment Real Estate

Property Details for 964-980 Merritt Drive

City Postal ID
EL CAJON (92020)

Location

Listing Courtesy of Acre Investment Real Estate, Craig Stewart, DRE #01060001
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LISTING UPDATED: 02/23/2024 09:32 AM

Property Details for 964-980 Merritt Drive

StatusActive
MLS #240001794
Days on Market95
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeCommercial-Res Income / Apartment
Year Built-
Lot Size0.96 AC / 41,817 SF
CountySan Diego County

Location

Listing Courtesy of Acre Investment Real Estate, Craig Stewart, DRE #01060001
Add your commute

Building Information for 964-980 Merritt Drive

Stories-Residences-Year Built-Building Size-Lot Size0.96 AC / 41,817 SF

Payment Calculator

$32,417 per month

30 year fixed, 7.25% Interest

Principal and Interest

$32,417

Property Taxes

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 964-980 Merritt Drive

Summary Information
Property and Location
  • System ID: 240001794
  • Class: COMMERCIAL-RES INCOME
  • Street Number Numeric: 964
  • Street Name: Merritt Drive
  • Market Area: East County
Interior and Exterior Features
Exterior Features
  • Exterior: All Auto Sprinklers, Fully Landscaped
  • Roof: Composition
Property Information
Property and Assessments
  • Entry Only: No
  • Lot Size: .75 through 1.5 Acres
  • Zoning: R-4
  • Assessors Parcel Num: 4931035700
Multi Family Information
Building Details
  • Unit Type: Apartment
  • Age: 1973
  • Amenities: None
  • Construction: Drywall, Frame, Stucco
  • Floor Covering: Tile, Vinyl, Wall to Wall Carpet
  • Floors: Slab, Wood
  • Have: Units
  • Motive/Want: Exchange
  • Parking: Garages, Spaces
  • Special: None
  • SqFt of Improvement: 14,291
  • Tenant Pays Electric: y
  • Tenant Pays Gas: y
  • Tenant Pays Water: y

Property History for 964-980 Merritt Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 964-980 Merritt Drive

This home is within Cajon Valley Union School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 5
Rating
School
Distance
Anza Elementary School
PublicK to 5

Emerald Middle School
Public6 to 8

Valhalla High School
Public9 to 12

Eje Elementary Academy Charter
CharterK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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964-980 Merritt Drive is a multi-family home for sale in El Cajon, CA 92020. This property was listed for sale on January 24, 2024 by Acre Investment Real Estate, it's currently listed at $5,940,000. This listing's school districts are Cajon Valley Union School District, Grossmont Union High School District. Nearby schools include Anza Elementary School, Emerald Middle School and Valhalla High School. 964-980 Merritt Drive is a 0-bed, 0-bath, multi-family home.

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Listing Courtesy of Acre Investment Real Estate, Craig Stewart, DRE #01060001

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