IMPERIAL BEACH - San Diego, CA (August 6, 2024) – Commercial Asset Advisors (CAA) is pleased to announce the sale of a fully renovated 5-unit multifamily complex located at 430-438 Delaware Street, Imperial Beach, CA 91932. The property closed on July 18, 2024, at a sale price of $2,075,000, marking a significant transaction in one of the best pockets of Imperial Beach. The complex is ideally situated less than one block from the Silver Strand Bike Path in a low-density coastal neighborhood.
Key details of the sale include:
Sale Price: $2,075,000
Price Per Unit: $415,000
Cap Rate: 5.02% true cap rate in-place
Unit Mix: 100% single-story renovated 2 bed / 1 bath units
Features: In-unit laundry and spacious yards
Lot Size: Large 14,000 double lot
Loan: Assumable 6.07% interest rate loan
The buyer assumed a below-market-rate interest-only loan with Chase Bank, further enhancing cash-on-cash return metrics.
CAA Lead Agent Maxwell Brown represented a 1031 exchange buyer who plans to pursue permits to build three ADUs (Accessory Dwelling Units) on the property, aiming to further increase the asset's value.
This transaction underscores CAA's commitment to delivering prime investment opportunities and superior service to our clients. 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
#sandiegocre #investments #cre #sandiego #NAIOP #costar #loopnet #commercialrealestate #commercialassetadvisors #caacre #multifamily #strategicinvestments #imperialbeach #apartmentsales #sandiegomultifamily #sandeigoapartment
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.
Comments