San Diego, CA (April 17, 2024) – CAA announces this massive upside buy-side representation: a fully renovated 18-unit multifamily complex, encompassing both cosmetic and infrastructure upgrades. It boasts predominantly two-bedroom units and sells for $5,065,000 with an impressive 6.50% cap rate in place and a 7.5%+ cap rate at market rents, requiring no cap-ex to achieve. Positioned within a Class B product category, it enjoys a Class B+ locale, located in the SDSU area at 4902-4912 67th Street, San Diego, CA 92115.
CAA's Maxwell Brown, Senior Vice President of Commercial Asset Advisors represented the Buyer and stated “67th Street was an ideal acquisition opportunity lacking marketing presence with an out of country seller. We were able to sustainably negotiate purchase price to achieve an unbeatable return metric and basis for a fully renovated asset, pitched roof, flat lot asset at the border of a desirable single-family neighborhood, walkable retail, and one of the county’s most prominent Universities, SDSU. The buyer was incredibly excited to execute on the transaction with an all cash close to secure the massive 7 figure instant equity found.”
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
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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.