CBRE has announced the sale of a five-unit apartment building in Escondido to a private investor for $1.41 million.
The transaction was facilitated by CBRE Executive Vice President Dan Blackwell and Associate Amanda Fielder, who represented the San Diego-based seller. The buyer, who closed in 35 days, is based in Orange County.
“The five-unit property represented a value-add opportunity for investors in a great walkable neighborhood, just one mile from Escondido’s historic downtown,” Blackwell said.
This multifamily property, located at 419 W. 4th Ave. on 0.17 acres, was built in 1981.
“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,” Fielder said.
She added that in-place rents are currently 39% below market rate.
The two-story, 5,080-square-foot 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. In 2023, the property underwent exterior renovations, including a new roof.
