Northmarq’s San Diego office announces $5.775 million sale of Wisconsin Terrace apartments
SAN DIEGO (May 16, 2023) — Northmarq’s Benn Vogelsang, senior vice president, arranged the $5,775,000 sale of a 22-unit apartment building (built in 1986) located at 299 Wisconsin Avenue in El Cajon, California. Both the buyer and seller were represented by Vogelsang. Wisconsin EP, LLC of Santa Ana purchased the property from Wisconsin Apartments, LLC of El Cajon. The property was in escrow for approximately 70 days.
“The assumable debt on this purchase and upside in rents made this property attractive to the buyer,” said Vogelsang.
The three-building apartment community consists of 875 to 1,076 sq. ft. two- and three-bedroom units. Located in downtown El Cajon, the average market rent is $2,495. The city of El Cajon is situated just 17 miles east of Downtown San Diego and provides easy access to public bus routes, Interstate 8, and Highways 125 and 52. Residents enjoy a centralized location close to Main Street shopping, restaurants, and highways. Community amenities include: On-site laundry facility, storage space, assigned and off-street parking, and on-site management and maintenance.
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