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CAA Announces Another 1031 Success Story, Prime North Park Location Trophy Multifamily Sells for $2.0 Million


NORTH PARK - San Diego, CA (Feb 26, 2024) – 3979 Illinois Street, San Diego, CA 92104 - A 3,395 square feet, 4-unit multifamily building with a detached 3-bedroom Craftsman front house located in prime North Park, San Diego, was sold for $2.0M on 02/15/2024, Commercial Asset Advisors announced.


Maxwell Brown, a Specialist in Multifamily Investment Sales at Commercial Asset Advisors, and CAA’s newest member, represented the buyer.


“3979 Illinois Street showcases the power of a 1031 exchange with qualified representation and strategy. This buyer transitioned from a near 0% cashflow return on a single-family rental to a 4% cashflow yield on a turnkey unrenovated property with significant additional upside. This irreplaceable North Park location features a craftsman-style front house with three bedrooms, and three detached rear units, each comprising two bedrooms and equipped with garages. This setup will facilitate smooth operations, cash flow, tenant base management, and foster strong appreciation moving forward. The buyer was thrilled with the transaction and the agent relationships leveraged to source this escrow.” said Maxwell Brown


CAA has represented multiple buyers and sellers in all product types this year all over San Diego County, demonstrating the firm's ability to maximize values regardless of product type, location, or situation.


For additional information, you may contact:

Maxwell Brown, Senior Vice President (DRE Lic. #02127395), at mbrown@caacre.com


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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