About 359 N 1st St
Exceptional opportunity to acquire a well-maintained 10-unit apartment community in the highly desirable Rancho El Cajon submarket. The property consists of ten spacious 1-bedroom, 1-bath units, each approximately 500 square feet, offering efficient layouts and strong rental appeal. Each unit provides year-round comfort with mini-split heating and cooling systems, in addition to gas wall furnaces. Several units have been upgraded with vinyl plank flooring, remodeled bathrooms, and updated countertops, offering a balanced mix of stabilized income and continued value-add potential. Investors can capitalize on steady cash flow growth through annual allowable rent increases and by achieving market rents upon turnover. Alternatively, a more comprehensive renovation strategy could accelerate rent growth and reposition the asset to command top-of-market rates. Property amenities include on-site laundry, ten private storage lockers, ten uncovered off-street parking spaces, and a workshop/storage area for owner use. Situated on a generous 0.35-acre (15,370 sq. ft.) lot, the underutilized grassy area presents potential for adding value or expanded tenant amenities (buyer to verify feasibility). Ideally located just minutes from downtown El Cajon, Parkway Plaza, Wells Park, local dining, schools, and convenient access to Interstate 8 and State Route 67, the property benefits from strong and consistent rental demand.
