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5/27/22
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In a recent San Diego area, multifamily sales comp, Positive Investments paid $4.65 mil for Casa Del Sol Apartments, a 20-unit ($232.5k/unit) complex located in El Cajon. The 15.4k sf property is located on a 0.8-acre lot at 922 S. Sunshine Ave.
Casa Del Sol Apartments consists of one studio, eight one-bedroom/one-bath units, three two-bedroom/one-bath units and eight two-bedroom/1.5-bath units, located just 20 minutes from downtown San Diego and Balboa Park. Four of the units have upgraded kitchens, baths, paint, and flooring. The property has the opportunity for increased rents, with current rents ranging between $1,300 and $1,700 per month.
The property was 100% occupied at time of sale. The tenants at the property enjoy a community pool, balconies or patios, ample on-site parking, and an on-site laundry room.
Dave Savage of ACI Apartments represented the buyer in the deal. The Seller, 1 Hunter 1 Lake LLC, was repped by Arjay Smith of West Harbor Real Estate Investments. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 14.2 and Capitalization Rate (CAP Rate) of 3.7%.
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