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7/01/21
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In a recent apartment sales comp from the San Diego region, a 19-unit property in the Nestor area traded for $5.5 mil, or $290k per unit. The 18.2k sf property is situated on a 57k sf lot located at 2320-2328 Grove Ave and 1271 Hollister St, adjacent to Otay Mesa.
The property consists of 18 two-bedroom/one-bath units and one three-bedroom/1.5-bath single-family residence. Amenities include garages, parking spaces and onsite laundry. There is rent upside potential by making additional upgrades to the property.
Terry Moore, CCIM, of ACI represented the 1031 exchange buyer, The Cynthia C. Underwood Trust, out of San Diego. Moore also repped this client on the downleg transaction as well. The seller, also from San Diego, The David C. Overturf Trust, was represented by David Andrews of Invest SD.
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