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12/27/12
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A California limited partnership paid $3.6 mil for a 20-unit mixed use building located at 502-508 Sportsfisher Dr and 510 N. Coast Hwy in Oceanside. The property consists of 16 residential units and four retail suites.
The apartment unit mix consists of 14 one-bedroom/one-bath units and two two-bedroom/one-bath units. The residential units range in size from 591 sf to 812 sf of living area while the retail suites range in size from 805 sf to 1.2k sf.
The one-bedroom apartment units range in monthly rent from $1,015 to $1,150. The one-bedroom units range in monthly rent of $1,175 to $1,195. The property features a gated entry that provides secure admission for the apartment units and parking area.
Lou Bulte, senior vice president of Lee & Associates’ North San Diego County office in Carlsbad, represented the seller, Surfrider Shores LP, a California limited partnership with Devkor Properties Inc as the General Partner. The buyers, James and Linda Ritch, were repped by Pat Swanson of Hendricks and Partners. The acquisition was financed with a loan of $2.16 mil from JP Morgan Chase Bank while title and escrow was provided by Chicago Title. The property is managed by S.O.S. Management and Property Services, Inc.
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