Terre at Mollison 233 N Mollison Ave Immeuble residentiel 120 lots À vendre El Cajon, CA 92021

WE ARE PLEASED TO PRESENT TERRE AT MOLLISON, A 120-UNIT VALUE-ADD OPPORTUNITY LOCATED IN EL CAJON, CALIFORNIA. THE PROPERTY WAS BUILT IN 1970 ON A 3.51-ACRE LOT IN THE HEART OF EL CAJON, ONE OF SAN DIEGO’S FASTEST GROWING RENTAL MARKETS. THE PROPERTY FEATURES A DESIRABLE UNIT MIX OF STUDIO-, ONE-, TWO-, AND THREE-BEDROOM UNITS AVERAGING 866 SQUARE FEET WITH A STRONG 96% OCCUPANCY RATE.
Renovated units feature fresh paint, stainless-steel appliances, upgraded cabinets, quartz or Formica countertops, new light fixtures, vinyl-plank flooring, as well as fresh window coverings. Based on market rent comparables and the continuation of the value-add renovation program, a rent premium of $429 (22%) over classic units can be achieved for the renovated one- and two-bedroom units. Each spacious unit provides renters with complete appliance packages, wall AC units, and large walk-in closets. Community amenities include a sparkling swimming pool with sundeck, assigned parking, laundry facilities, BBQ area, on-site management, 24-hour maintenance, and immediate access to major freeways and public transportation.
With 47% of units still in classic condition, current ownership has implemented renovations to 64 of the 120 units (53%) while having spent approximately $2.1 million on capital improvements to both communal and in-unit enhancements. There is potential to enhance the community living experience by improving both the BBQ and picnic area as well as upgrading the pool and sundeck.
Built in the 1970, Terre at Mollison is located less than one mile from Downtown El Cajon, a vibrant historic district known for its art galleries, museums, restaurants, shops, and year-round community events. Just 20 minutes east of Downtown San Diego, the property offers convenient access to major employment centers including Kearny Mesa, Mission Valley, and UTC. As the fifth largest city in San Diego County, El Cajon benefits from a diverse economic base, regional connectivity via three major highways, local bus service, and MTS trolley lines. Nearby amenities include Parkway Plaza, a 1.3 million square foot regional mall just 1.3 miles away, and Sharp Grossmont Hospital, East County’s largest healthcare facility with 524 beds and over $3.7 billion in revenue which is located four miles west alongside the Grossmont Center, a 100-store retail and entertainment destination.
Terre at Mollison benefits from its exceptional location just around the corner from E. Main Street, the main thoroughfare of El Cajon, placing it at the center of the submarket’s vibrant core. With walkable access to local shopping, dining, entertainment, and transit, the property offers unmatched connectivity making it a rare opportunity in San Diego’s East County. The El Cajon submarket has had limited available product of this size, and overall opportunities have been few and far between.
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