619-990-4436
The Heritage
360 N 1st, El Cajon 92021
20: 3 bed 2 bath (2 bed + 1 den, 2 bath)
36: 2 bed 2 bath (1 bed + 1 den, 2 bath)
$1,061,520 Annual Income
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.
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: