Updated Oct 29, 2024
Real Estate Investment Firm Acquires 23620 SF Property At 1636 Magnolia Ave El Cajon
1636 Magnolia Ave, El Cajon, CA, 92020
Building Size
23,620 SF
Asset Type
Self Storage
Closing
Nov 19, 2023
About this deal
AI
VIP Self Storage, located at 1636 Magnolia Ave, El Cajon, CA, 92020, spans 23,620 square feet and comprises 376 non-climate-controlled units. The facility has been owned by a California-based partnership for over 25 years.
Summary of transation details:
- Property Type: Self Storage
- Transaction Amount: Not disclosed
- Address: 1636 Magnolia Ave, El Cajon, CA, 92020
- Market: El Cajon
- Seller's Representative: Keith Phillips, Charles "Chico" LeClaire - Marcus & Millichap
- Buyer: Undisclosed Real Estate Investment Firm
- Square Footage: 23,620
- Units: 376 non-climate-controlled
The transaction was facilitated by the LeClaire-Schlosser Group of Marcus & Millichap, emphasizing the expertise of Keith Phillips and Charles LeClaire in representing the seller. The buyer is a real estate investment firm with a nationwide operational presence.
Players
El Cajon Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93