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6/26/23
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The Bella Affordable Housing Foundation of Rancho Santa Fe purchased a 13-unit multifamily property in San Diego for $2.6 mil ($200k/unit). The property, located at 4230 44th St, was sold by the Lewis-Stein Trust of La Mesa.
Built in 1985, the 12-unit property consists of a mix of one-bedroom units (425 sf) and two-bedroom units (700sf). The two-story multifamily property is within walking distance to El Cajon Blvd and University Ave. Residents enjoy a diverse choice of dining options nearby as well as close proximity to San Diego State University and the city’s most popular attractions, including Mission Bay and Balboa Park.
Benn Vogelsang with Northmarq represented the buyer. The seller was repped by Susan Forster of Coastal Pacific Real Estate. The property was in escrow for approximately 65 days.
“This was a turnkey deal that had positive leverage between the current capitalization rate of 6.6% and the current cost of debt,” noted Vogelsang.
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