Commercial Asset Advisors (CAA) recently announced its representation in a sale involving a fully renovated 18-unit multifamily complex, encompassing both cosmetic and infrastructure upgrades. The sale involves a property in the area of San Diego State University.

It boasts predominantly two-bedroom units and sells for $5,065,000 with a 6.50% cap rate in place and a 7.5%+ cap rate at market rents, requiring no cap-ex to achieve. Positioned within a Class B product category, it enjoys a Class B+ locale, located in the SDSU area at 4902-4912 67th Street.

CAA’s Maxwell Brown, senior vice president of Commercial Asset Advisors represented the buyer and stated “67th Street was an ideal acquisition opportunity lacking marketing presence with an out of country seller. We were able to sustainably negotiate purchase price to achieve an unbeatable return metric and basis for a fully renovated asset, pitched roof, flat lot asset at the border of a desirable single-family neighborhood, walkable retail, and one of the county’s most prominent universities, SDSU. The buyer was incredibly excited to execute on the transaction with an all cash close to secure the massive 7 figure instant equity found.”

CAA has represented multiple buyers and sellers in all product types this year all over San Diego County.

(Courtesy image)