SAN DIEGO, CA – November 6, 2014 – (RealEstateRama) — Kevin Kawaoka, CCIM & Mario Gandara with NAI Capital’s Bluechip Investment Group represented a private investor in the purchase of a 13 unit multifamily property located at 2329 C Street in the Golden Hill area of San Diego, CA. The value of the sales transaction was $2.6 million dollars. The property traded at a 4.6% cap rate and $224 per square foot.
Built in 1928, the building is located on the desirable west slope of Golden Hill at 2329 C Street. It features a unit mix consisting of one studio and twelve large one-bedroom/one bathroom units with rents ranging from $950 to $1250 per month. The asset features many upgrades including individual water heaters, updated electrical, and copper plumbing.
Kawaoka notes “The investor will benefit from owning a non-rent controlled marquee asset where they can make upgrades the units and raise rents post renovation. This building will provide great cash flow in a market that is steadily improving.”
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage BRE #00806840.
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Blog Link: http://ublog.naiglobal.com/naicapital/2014/11/05/apartment-building-in-san-diego%E2%80%99s-golden-hill-area-sells-for-2-6-million-200kunit/
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