691 Graves, El Cajon, CA 92021

Property Description

Beautifully Remodeled 4-Unit Investment Property with ADU Potential Discover this exceptional investment opportunity featuring a gorgeous four-unit property consisting of one detached, single-story home and three spacious, two-story townhouse-style residences. All four units have been extensively remodeled to condo-quality standards, offering modern finishes, attractive layouts, and excellent tenant appeal. Property Features & Unit Details Three Townhouse-Style Residences Each townhouse offers 3 bedrooms and 2.5 bathrooms across two stories. Over 1,200 square feet per unit. Spacious primary suites. Centralized gas heating and air conditioning. Large, private, fenced, and gated concrete patios and backyard areas, accessible directly from the kitchen/dining area through sliding glass doors. Generous laundry areas with hookups for full-size, separate washer and dryer units (front- or top-loading). Detached Single-Family Residence 3 bedrooms and 1 bathroom. Single-story layout with over 1,200 square feet. Through-wall air conditioning in each room and gas wall heating. Full-size stacked washer and dryer included in a dedicated laundry closet. Large, private, wraparound fenced and gated patio. Beautifully landscaped front yard. Parking & Utilities Eight designated parking spaces, plus three additional unmarked spaces. Separate SDG&E gas meters for all four units. Separate SDG&E electrical meters for all four units. Individual water heaters, each powered by the respective unit's separately metered gas service. Each tenant establishes and pays for their own trash service. Water is separately plumbed to each unit through dedicated supply lines, making future water submetering straightforward. Extremely Low Landlord Utility Expenses: Each unit is independently metered for gas and electricity, with tenants responsible for their respective utility costs. This structure helps minimize operating expenses and maximize net operating income. Location & Neighborhood Situated on a quiet residential street surrounded by single-family homes, this property offers an attractive residential setting with convenient access to: Interstate 8 and Highway 67. Restaurants, shopping, and everyday conveniences. Downtown and surrounding employment and entertainment destinations. Investment Highlights Four extensively remodeled, move-in-ready residences. Current rents are already near market levels, providing a solid foundation for financing and immediate income. Minimal deferred maintenance thanks to comprehensive interior and exterior renovations. Separate gas and electric meters help reduce landlord operating expenses. Strong rental appeal with spacious floor plans, private outdoor spaces, and in-unit laundry facilities. Additional land area provides potential for future ADU development, subject to zoning, permitting, and applicable approvals. Income & Financial Overview Investment Metric Current / Projected Current Monthly Rental Income Approximately $12,400 Pro Forma Monthly Rental Income Approximately $12,800 Current Capitalization Rate Approximately 5.3% Pro Forma Capitalization Rate Approximately 5.5% Price Per Square Foot Approximately $386 A Turnkey Investment with Future Upside! This is a rare opportunity to acquire a beautifully renovated four-unit property with strong existing rental income, low landlord-paid utility expenses, desirable tenant amenities, and potential for additional ADU development. The hard work has already been done! Enjoy a fully remodeled property, established rental income, and the opportunity to increase future returns through rent growth and potential additional development.