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8/03/22
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The Madison, a 110-unit apartment community in the East San Diego County City of El Cajon, sold for $34 mil, or $309k/unit. Built in 1976, the property is located at 1360 East Madison Ave.
The Madison comprises a unit mix of primarily one-bedroom/one-bath and two-bedroom/one-bath units offerings, with an abundant 168 on-site parking spaces. Building features and improvements include new plank flooring, stainless steel appliances, upgraded cabinetry and countertops, in-unit washer and dryers, exterior paintwork, and more. Additionally, the property offers a newly upgraded community pool area, resident clubhouse, a new fitness center, and racquetball and tennis courts.
Approximately 60% of the property’s units have undergone renovations, offering easy and significant upside potential.
The Madison is located along the I-8 Corridor in one of San Diego’s most diverse and vibrant communities, connecting residents to all other major freeways, public transportation, ample amenities, and local attractions such as San Diego Zoo, Balboa Park, and more.
Peter Scepanovic and Corey McHenry with Colliers represented the buyer, East Madison Avenue LP, and the unnamed seller, in the deal.
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