PROPERTY DESCRIPTION

Palm Residence is an 11-unit property that consists of one structure totaling 3,514 rentable square feet built in 1951 on a 12,979 square foot lot. There is a 1 Bedroom manager's unit with a full kitchen and 10 studios without kitchens. All units have walk-in closets and large bathrooms. The property features 11 parking spaces, onsite laundry facilities and two large storage sheds. All tenants are month to month and there is 33% upside in rents. There is conditional approval for Single Room Occupancy use and more improvements are required for final approval. Buyer to verify property use, zoning and square footage. DO NOT WALK ON PROPERTY OR DISTURB TENANTS. The property is located in a desirable El Cajon area with convenient access to schools and freeways. The nearby I-8 runs towards La Mesa and the SDSU College Area to the West and the I-67 runs north towards Santee and Lakeside. The average household income exceeds $85,000 in a 3-mile radius with an average family size of 3 members per household. The property is in close proximity to national health and consumer stores including VONS, Rite-Aid, CVS and North Park Produce as well as walkable to numerous quick-service restaurants, 24 Hour Fitness and schools along El Cajon Boulevard.