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Apartments on Dubuque St. in Oceanside sold

The eight-unit Dubuque Street Apartments property at 1436 Dubuque St., Oceanside 92058, has been sold for $925,000, cash, or $115,625 per unit.

The buyer was Michael Pelletier Trust, with Michael L. Pelletier and Teresa A. Pelletier as trustees, 12713 Big Bend Way, Valley Center 92082.

The seller of the property (assessor's parcel 148-16-14) was Rooster House Limited Partners, a Nevada limited liability company, with Grant H. Slawson and Victoria H. McCaffery as the managers.

The seller was represented by Craig Stewart, senior vice president/principal, of ACRE Investment Real Estate Services.

Escrow services were provided by Annemarie Lococo, of Chicago Title.

Cameron Aldrich, also of Chicago Title, provided the title insurance.

The apartment was constructed in 1988 on a 5,000-square-foot lot.

The apartment consists of a single two-bed/one-bath unit, five one-bed units and two studios, totaling 2,900 square feet. The property includes five garages.

The property sold at a 5.13 percent cap rate, 12.37 GRM, and $318.96/square-foot.

The property was sold for $625,000 in April 2003 with financing of $355,000 from World Savings Bank, and in November 2011 for $520,000.

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