SAN DIEGO – Cassidy Turley BRE Commercial, San Diego’s market leader in commercial real estate services, today announced the $535,000 sale of four houses in Escondido.
Located at 317-31 West 7th Avenue, the property consists of four detached two-bedroom, one-bathroom houses each with a one-car garage. The units are located on a double parcel.
The property was sold "as is" and the terms were cash down payment to a new $375,000 first loan. The existing cap rate was estimated at 5.6 percent; however the cap rate at market rental rates is significantly higher.
Ray Adams of Cassidy Turley BRE Commercial represented the seller, Benjamin Cueva, in the transaction. The buyers, Michael and Tracey Girard, were represented by John McAllister of John McAllister Realty. Escrow was provided by Teresa McElaney of Chicago Title.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services with local San Diego market leader Cassidy Turley BRE Commercial. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded nearly $1.2 billion in transactions in 2010. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.