56
Total Units
$231K
Price Per Unit
4.88%
Cap Rate at Sale
Represented Buyer & Seller
Representation
Property Details
Case Study: 360 North 1st Street, El Cajon, CA
Property Overview
Property Type: 56-Unit Apartment Community Submarket: El Cajon – San Diego County Sale Price: $12,950,000 Cap Rate at Sale: 4.88% Market Pro Forma Cap Rate: 6.36%
Unit Mix
36 Units – 2 Bed / 2 Bath
20 Units – 3 Bed / 2 Bath
Year Built: 1973 Major Renovation: Full studs-up remodel completed in 2009 Parking: 89 on-site spaces (1.5 spaces per unit)
Transaction Summary
The Heritage represents one of the most notable multifamily transactions in the El Cajon submarket. As a 56-unit asset, this sale required a full underwriting analysis, repositioning evaluation, and buyer targeting strategy specific to San Diego County multifamily investors.
Originally constructed in 1973, the property underwent a comprehensive renovation in 2009, transforming it into a high-quality apartment community with features more commonly associated with luxury condominiums.
Upgrades Included
In-unit washer and dryers
Central air conditioning
Granite countertops
Stainless steel appliances
Gated entry
Resort-style pool amenities
The property’s physical condition positioned it as a stabilized core-plus investment within the East County submarket.
Investment Strategy & Buyer Positioning
At the time of sale, the asset generated a 4.88% current cap rate, with a projected market-driven increase to 6.36% through strategic management and rental alignment.
The El Cajon multifamily market continues to attract investor interest due to strong rental demand and proximity to major employment hubs in East County. Industry reports highlight several notable transactions, including a 56-unit El Cajon apartment community sale reported by MultifamilyBiz, and Rentv, which reflects continued confidence in the area’s apartment investment market.
Key Value Drivers
Strong in-place tenancy
Submarket rent growth potentia
Limited comparable inventory of similar scale
Revitalization momentum in El Cajon’s Cultural Zone
Above-average parking ratio
Marketing a 56-unit apartment complex requires significantly different positioning than smaller 4–12 unit properties. Institutional and private capital buyers evaluate:
Debt coverage
Exit cap assumptions
Submarket trajectory
Comparable 25+ unit transactions
This deal required targeted outreach to qualified multifamily investors actively seeking mid-sized apartment assets in San Diego County.
Why This Sale Matters
This transaction reinforces positioning as a San Diego apartment broker specializing in multifamily sales across the 2–50+ unit spectrum.
Large apartment transactions demand:
Accurate valuation modeling
Deep buyer database relationships
Negotiation experience in institutional-level deals
Market-specific underwriting knowledge
For apartment owners evaluating whether to sell a multifamily property in San Diego, this sale serves as a benchmark for how properly positioned apartment communities can attract premium pricing.
Looking to Sell Your Apartment Building in San Diego?
If you are considering selling a multifamily property in San Diego County — whether 4 units or 50+ units — understanding current buyer demand and cap rate trends is critical.
Explore more recent San Diego apartment sales here:
Or learn more about working with Arby, an Diego apartment broker specializing in 2–50 unit transactions:
Narrative
56-unit apartment community in El Cajon. Full studs-up remodel in 2009 with in-unit W/D, central AC, granite counters, stainless appliances, gated entry, and resort-style pool. Strategic repositioning and targeted buyer outreach drove premium pricing at 4.88% cap rate.