Northmarq brokers $2.6 million sale of 13-unit apartment building in San Diego
SAN DIEGO (June 20, 2023) — Northmarq’s Benn Vogelsang, senior vice president in the San Diego investment sales office, arranged the $2.6 million sale of a 13-unit multifamily property located at 4230 44th St. The Bella Affordable Housing Foundation of Rancho Santa Fe purchased the apartment building for $2.6 million from the Lewis-Stein Trust of La Mesa. Vogelsang represented the buyer, and the seller was represented by Susan Forster of Coastal Pacific Real Estate.
“This was a turnkey deal that had positive leverage between the current capitalization rate of 6.6% and the current cost of debt,” said Vogelsang.
The property was in escrow for approximately 65 days and consists of twelve 425 sq. ft. one-bedroom and 700 sq. ft. two-bedroom units. Built in 1985, the two-story multifamily property boasts walking distance to El Cajon Blvd and University Ave. Residents enjoy the diverse dining scene as well as close proximity to San Diego State University and the city’s most popular attractions, including Mission Bay and Balboa Park.
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