The eight residential units in Ocean Beach at 4746-4756 Point Loma Ave., San Diego 92107 have been sold for $1.85 million.
The buyer was John Douglas Dudek, trustee of the Dudek Family Trust, 1003 Isabella Ave., Unit C, Coronado 92118. The acquisition was financed with a loan of $650,000 from Opus Bank.
The seller of the property (assessor's parcel 448-351-06) was Bridgette J. Wilson, sole trustee of the David P. Wilson and Bridgette J. Wilson Revocable Family Trust.
The buyer was represented by Joseph V. Siemienowski, of Siemienowski & Associates and JD Dudek, of Western Mission Properties. The seller was represented by Chris J. Robinson and Dylan Wright, of ACRE Investment Real Estate Services. Escrow services were provided by Alicia Ramirez, of Allison McCloskey Escrow and title services were by Patty Meredith, of Chicago Title.
The sale price represents $232,500 per unit, a GRM of approximately 14.4 and cap rate of 4.86. The price per-square-foot is $265. The Point Loma property was involved in a 1031 tax deferred exchange with the 12 units at 582 Arizona St., Chula Vista 91911, for $2.6 million. The seller was John Douglas Dudek, trustee. The buyers were Jerold W. Isaac and Elizabeth A. Isaac, trustees of the Issac Family Trust, 22618 San Joaquin Drive West, Canyon Lake, CA 92587. The transaction was financed with a $1.92 million loan through C.J. Donovan, of Opus Bank of San Diego.
The seller was represented by Dudek and Siemienowski. The buyer was represented by Sean Bascom, of South Coast Commercial Inc. Escrow Services were provided by Ramirez and title services by Tonya Courtney, of Stewart Title. The price was $216,667 per unit. The gross rent multiplier was 10.88 at a cap rate of 5.4 percent. The price per-square-foot was $222.
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