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5/31/17
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Tribecca on Mollison, a 68-unit condo-quality multifamily complex in El Cajon, traded for $14.1 mil, or $207.3k/unit. The 57k sf property, situated on 2.84 acres at 520 S. Mollison Ave, south of I-8 and east of Hwy 124, was purchased by The Johnson Trust of Mission Hills.
The property consists of 24 one-bedroom/one-bath units (728 sf), 33 two-bedroom/two-bath units (858 sf), and 11 three-bedroom/two-bath units (1k sf). All of the units have been fully upgraded with custom cabinets, granite counters in the kitchens and baths, air conditioning, walk-in closets, recessed lighting, and tile floors in the kitchen, dining room, and baths.
The gourmet open kitchens include a center granite island, tile floors, separate dining area, and a stainless steel appliance package with refrigerators, stoves, microwaves, and dishwashers. Tenants at Tribecca enjoy their own private patio or balcony, pool, gym, clubhouse, open space, and gated community.
Dave Savage, Chuck Hoffman, and Anton Burman of ACI represented the buyer in the deal. The seller, Pacific Mollison LP of Mission Valley, repped itself in the transaction. The value indicators at time of sale were: gross rent multiplier 12.1 and cap rate of 4.2%.
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