Rental Complex with Rare Mix of Single-Family and Duplex Units Sold for $6,346,500 by CAA
LEMON GROVE, CA (November 2, 2020) — A 22-unit residential rental complex offering unmatched privacy to its residents on a quiet cul-de-sac in Lemon Grove, Calif. was sold on November 2, 2020 for $6,346,500 with the buyer represented by Commercial Asset Advisors.
The buyer was AZ Investments, a San Diego-based real estate investment company. The seller represented itself.
This investment combines the economy-of-scale of multifamily apartments, with the privacy and amenities of single-family-homes. Located at 8619-8686 Sandy Bev Lane, the property consists of two single-family homes, 20 units built as “twin homes” with just 1 shared wall between units, for a total of 22 units. With rare garages and private parking, the community is particularly safe and desirable for families and long-term tenants, thus reducing turnover, vacancy times, and leasing expenses.
“CAA identified this property as a superior long-term investment opportunity, with its unusually private and low-density features, providing a unique value in the post-COVID environment. For example, there are very few multi-family residential properties that can offer renters private front yards, back yards and garages,” said Brian Jenkins, Principal of Commercial Asset Advisors. “Despite the evolving impact of COVID-19 on the markets, our team was able to manage the underwriting process and due diligence process on behalf of the buyer to facilitate a smooth transaction.”
The property is made up of 12 unique parcels totaling 2.39 acres, which can be sold again to an investor or split off and sold individually. Further, because each building is on its own parcel, there is no requirement for an on-site manager – providing significant long term operating expense savings.
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 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.