NEWPORT BEACH, Calif. – CBRE announced the sale of a five-unit multifamily rental community in Escondido, Calif., to a private investor for $1.41 million.
The transaction was facilitated by CBRE’s Executive Vice President Dan Blackwell and Associate Amanda Fielder, who represented the San Diego-based seller in a 1031 exchange. The buyer was based in Orange County, California.
“The five-unit property represented a value-add opportunity for investors in a great walkable neighborhood (Walk Score: 95), just one mile from Escondido’s historic downtown,” said Blackwell. “Our marketing efforts generated multiple property tours and competitive offers for this desirable 1980s construction, securing a buyer who closed in 35 days. Our team also played a pivotal role in assisting the seller in acquiring their upleg property in Orange County to complete the 1031 exchange process.”
Fielder added, “The property’s strategic location, neighborhood amenities, strong rental demand, and potential for future growth make it an attractive opportunity for investors looking to maximize gross income and increase value through the construction of an accessory dwelling unit (ADU) at the rear of the property. In-place rents are currently 39% below market rate.”
This multifamily property is located at 419 W. 4th Avenue on 0.17 acres and was built in 1981. The two-story, 5,080-square-foot apartment building consists of three one-bedroom units, two two-bedroom units, and an on-site laundry facility. One unit features granite countertops, a large private patio and central heating and air conditioning. Additionally, three units have enclosed balconies, central heating and wall-mounted air conditioning units. Parking includes two garage spaces, four tuck-under spaces and one carport space. Gas and electric utilities are individually metered, and in 2023, the property underwent exterior renovations, including a new roof.
The property’s location offers several advantages, providing residents with easy access to an array of lifestyle amenities and proximity to Interstate 15 and Highway 78. The 4th Avenue property is situated less than a mile from a variety of restaurants, winery tasting rooms, retail shops and entertainment venues. Residents also have the convenience of walking to nearby schools, multiple grocery stores, health services, places of worship, the San Diego Children’s Discovery Museum and public transit.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.