CBRE has introduced the sale of a five-unit condo constructing in Escondido to a non-public investor for $1.41 million.
The transaction was facilitated by CBRE Govt Vice President Dan Blackwell and Affiliate Amanda Fielder, who represented the San Diego-based vendor. The customer, who closed in 35 days, relies in Orange County.
“The five-unit property represented a value-add alternative for buyers in an amazing walkable neighborhood, only one mile from Escondido’s historic downtown,” Blackwell stated.
This multifamily property, positioned at 419 W. 4th Ave. on 0.17 acres, was in-built 1981.
“The property’s strategic location, neighborhood facilities, sturdy rental demand, and potential for future progress make it a pretty alternative for buyers seeking to maximize gross revenue and enhance worth by way of the development of an adjunct dwelling unit (ADU) on the rear of the property,” Fielder stated.
She added that in-place rents are at the moment 39% beneath market price.
The 2-story, 5,080-square-foot constructing consists of three one-bedroom models, two two-bedroom models and an on-site laundry facility.
One unit options granite counter tops, a big non-public patio and central heating and air-con. Moreover, three models have enclosed balconies, central heating and wall-mounted air-con models. In 2023, the property underwent exterior renovations, together with a brand new roof.