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G Avenue Holding, LLC Acquires 5-Unit Multifamily Property In Point Loma For $2.6M

Property Image
SOLD
$2,600,000

California

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MultiFamily
Sold 06/24/2023
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Property Image
SOLD

G Avenue Holding, LLC Acquires 5-Unit Multifamily Property In Point Loma For $2.6M

301 San Elijo St San Diego, Ca 92106, Usa

See Similar Deals
MultiFamily
Sold 06/24/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

A Point Loma apartment property with five units located at 301-309 San Elijo Street in San Diego has been sold for $2.6 million. The transaction took place on 06/24/2023 and the buyer, G Avenue Holding, LLC, acquired the property from the Jacqueline Joan Horner Trust. The sale attracted significant interest, with eight offers received within 10 days of the property being listed. The buyer intends to undertake extensive renovations on the property, using high-end finishes.

Summary of transaction details:

  • Property Type: Multifamily
  • Sale Price: $2,600,000
  • Units: 5
  • Price per Unit: $520,000
  • Market: San Diego

Conor Brennan from Marcus & Millichap represented both parties as the broker in this deal.

Players

Conor Brennan
CBRE
Conor Brennan
9 deals$84.6M volume(720) 841-8139
BROKER

Details

SOLD
IMAGE: Conor Brennan DATE: 06/24/2023 ADDRESS: 301-309 San Elijo Street MARKET: San Diego ASSET TYPE: Multifamily BUYER: G Avenue Holding, LLC SELLER: Jacqueline Joan Horner Trust BROKER: Conor Brennan - Marcus & Millichap (@MarcusMillichapLosAngeles) SALE PRICE: $2,600,000 UNITS: 5 ~ PPU: $520,000 NOTE: A Point Loma apartment property with five units has been sold for $2.6 million in a quick cash deal, attracting eight offers within 10 days of listing. The buyer, G Avenue Holding, LLC, intends to extensively renovate the property with high-end finishes.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$138,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,237.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,325.33
Annual Debt Service$147,903.92