JUST SOLD | 2-Property Portfolio of 8 Residential Units

SALE DETAILS:

Address:

3831-3833 41St St, San Diego, CA 92105 & 5337-5347 Meade Ave, San Diego, CA 92115

APN:

454-7730-08-00 & 4720-041-11-00

Seller Representation: Pacific Coast Commercial

Broker Rep: Vince Provenzano, President of Brokerage & Robert Phillips, CEO

Buyer Representation: Pacific Coast Commercial

Broker Rep: Jan Sachs, Broker Associate, Multifamily & Investment Sales

Property Type: Multi-Unit Residential Complex

Square Footage: 41St Street: ± 6,746 SF | Meade Ave: ± 3,863 SF

Sale Price: $1,525,000 (Total Sale Price)

Close of Escrow Date: April 23, 2020

Seller Name: Carolina M. Rios Trust

Buyer Name: Asaf Presente & Juan Pedro Garcia / Claudia Cecilia Garcia

Escrow Company: Granite Escrow & Settlement Services, Lynn Yockey

Title Company: Ticor Title, Tonya Courtney

Additional Property Information:

Pacific Coast Commercial is pleased to announce the sale of a 2-property portfolio of eight residential units located in City Heights, a unique neighborhood in central San Diego. The buyers had a rare opportunity to close escrow on these Value-Add properties during this time of Covid 19 even with the challenges of walk-throughs and inspections.

“We have clients that want to continue to build their real estate holdings no matter what the short-term obstacles may be”, stated Vince Provenzano. “The buyers have visions to improve and increase rents, and the seller will be executing a 1031 exchange up-leg purchase. The fact that the IRS has extended the Identification period to July 15, 2020, allows us to take a breath and find the right investment”.