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9/21/17
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Two beachside multifamily properties totaling 13 units in Oceanside recently sold for more than $4.5 mil ($346k/unit) combined. Glenn L. Goldman Family Trust sold the properties, located at 1312 and 1318 S. Pacific St, to separate buyers during July as the downleg to its reverse 1031 tax deferred exchange.
The properties were acquired by separate investors. Ray Adams and Clark Rorbach, multifamily specialists with Cushman & Wakefield’s San Diego office, represented the seller in both dispositions.
1312 S. Pacific St consists of a seven-unit property with three one-bed/one-bath units and four two-bed/two-bath units. The property was purchased for $2.7 mil by the Falk family, represented by Chase Sandrik of Acre Commercial.
1318 S. Pacific St is a six-unit building composed of all one-bed/one-bath units. The property was acquired for $1.835 mil by the Gamboa Family Trust, represented by Ron Mazzola of Mazzola Realty. The majority of units in both properties include garage parking.
The properties offer convenient access to a wide sandy beach and are just one block to Buccaneer Beach, which offers a beach snack bar, public park, basketball court, picnic tables, barbecue grills, and more. In addition to beach activities, the location is convenient to the bike rail trail, shopping, dining, and public transportation.
Ray Adams and Clark Rorbach with Cushman & Wakefield represented the seller in both dispositions. According to Adams, the expanding economic bases of San Diego, North County, and Orange County continue to put pressure on rental rates and property values in Oceanside. As such, with an attractive beachside setting, both properties are part of a rapidly appreciating housing market and present excellent cash flow potential.
Adams noted, “Nearby, downtown Oceanside has experienced a renaissance with new restaurants, micro breweries, luxury housing, and resort hotels under development. Plus, Oceanside transit center offers multiple train services and bus routes throughout the Southern California region.”
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