TRIPLEX 256-258 Richfield Avenue, El Cajon CA 92020 $759,000

This property features a 2 bedroom, 1 bath house in the front, a 2 bedroom, 2 bath house in the rear, and an unpermitted 1 bedroom, 1 bath unit downstairs in two of the converted garages. The rear property was constructed in 1980 with 5 garages. Two of those garages were converted to the current 1 bedroom, 1 bath unit. There are washer & dryer hookups in two of the garages. This is a value-add investment. The rents are below market and the front house is in poor condition and needs to be renovated to bring the rents up to market. The tenant in the rear unit is on Section 8, with the agency paying $1,600 of the $2,050 in rent. All tenants have been there long term and are aware the property is for sale. This is a great opportunity to remodel the front unit, make cosmetic upgrades to the exterior and raise rents to market. The current CAP rate is already 5.76% so this could easily be a 6.25% or greater return on investment. 230003211

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