
Old Town, San Diego, CA (January 27, 2025) – Property Closes in Old Town San Diego for $3,500,000, CAA Announces. 1942-54 San Diego Avenue, San Diego CA 92110 officially closed just before the New Year on December 31, 2024, marking a significant transaction in the rarely traded Old Town location. The multifamily property sold for $250,000 per unit at a 5.25% cap rate in-place, showcasing strong investor interest despite challenges.
Property Highlights
14 Units: 8 of which have been fully renovated, leaving significant potential for value-add through the remaining 6 units.
100% Upside in Rents: Unrenovated units present an opportunity to capitalize on untapped rental income potential.
While the property faced some challenges, such as deferred maintenance and lack of parking, its location and fundamentals remained attractive to buyers.
CAA's Maxwell Brown and Brian Jenkins of Commercial Asset Advisors represented the Seller, Gobar Family Trust in the sale. The buyer was represented by Jeff Williams of Williams & Taylor.
Maxwell Brown highlights the robust interest in San Diego's multifamily market: “The market continues to possess healthy deal flow volume, but transactions do require additional legwork and time in order to transact. We continue to see activity and interested parties flock to well-located San Diego multifamily assets due to strong market fundamentals and a positive long-term outlook. This property in particular faced challenges with deferred maintenance, lack of parking, and year of construction. Ultimately, 5+ market-rate offers were sourced for the deal to bring forth a qualified buyer executing on a year-end close.”
CAA’s Proven Expertise
This transaction underscores Commercial Asset Advisors’ ability to deliver results across varying property types and scenarios. CAA has represented multiple buyers and sellers in diverse transactions throughout San Diego County. Their track record demonstrates their capability to maximize value regardless of location, product type, or unique challenges.
For additional information, contact:
Maxwell Brown, Senior Vice President (DRE Lic. # 02127395) at mbrown@caacre.com
Brian Jenkins, CAA Principal (DRE Lic. # 01814828), at brian@caacre.com
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About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,500 sale and lease transactions totaling over $1.5 billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.
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