512 June Way, El Cajon, CA 92021

Property Description

The Madison Manor Apartments is a 20-unit complex on an entire block with frontage at 512 June Way, 513 La Rue Way and East Madison Avenue. The unit mix consists of all 2 Bedroom / 1 Bathroom townhomes ranging in size from 896 to 1,097 square feet. The 23,577 square foot property was originally built in 1962 and was fully renovated in 2007 with insulation, copper plumbing, new sewer and upgraded electrical to convert the apartments to condominiums. The property has an approved final condominium map. The property is situated on one 29,620 square foot parcel and consists of 2 two-story wood framed buildings with stucco exterior and a slab on grade foundation. The property is secured by 6 exterior iron gates, and features newer windows, exterior turf, and 20 paved, surface parking spaces. The property has a beautifully landscaped interior courtyard, as well as laundry room, office, and swimming pool. The units feature two bedrooms and a bathroom upstairs with the kitchen and common areas downstairs. The finishes include tile counters, maple cabinets, tiled flooring and shower enclosures, and open kitchen concepts. Each unit has washer/dryer hook ups, dishwashers, ceiling fans, and crown molding. The rear units have patios. The new owner has the option to assume an attractive $3.17M loan fixed at 4.05% until August 2026. The property is located in a desirable El Cajon residential 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.