Northmarq brokers $1.8 million sale of Spring Valley, California multifamily property
SAN DIEGO (May 5, 2023) — Northmarq’s Benn Vogelsang, senior vice president, arranged the sale of an eight-unit apartment building at 9360 San Diego Street in Spring Valley, California. Vogelsang represented the seller, PI Properties No 5 LLC. The buyer, Silver Bay Homes LLC, acquired the asset for $1.8 million.
"The near 6 percent cap rate and sub-3 percent assumable financing shows buyers' requirements for yield in this market,” said Vogelsang.
Built in 1980, the eight-unit multifamily property consists of seven two-bedroom, two-bath units and one two-bedroom, one-bath apartment home. The 6,390 sq. ft. apartment building is situated in the neighborhood of La Presa, just 13 miles east of Downtown San Diego. Residents enjoy suburban life and great parks and recreation with a short commute to San Diego and Chula Vista. 9360 San Diego Street boasts three shopping centers within 1.5 miles and four parks within five miles, including Sweetwater Lane County Park and Lamar County Park.
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