Properties Part of Seller’s Reverse 1031 Exchange
Oceanside CA— Two beach-side multifamily properties in Oceanside (San Diego), California recently sold for more than $4.5 million combined. Glenn L. Goldman Family Trust sold the pair of properties located at 1312 and 1318 S. Pacific St. in July as the down-leg to its reverse 1031 tax deferred exchange. The properties were acquired by separate investors. Ray Adams and Clark Rorbach, multifamily specialists with Cushman & Wakefield’s San Diego office, represented the seller in both dispositions.
1312 S. Pacific St. consists of a seven-unit property with three 1-bed/1-bath units and four 2-bed/2-bath units. The property sold for $2.7 million to the Falk family, represented by Chase Sandrik of Acre Commercial. 1318 S. Pacific St. is a six-unit building composed of all 1-bed/1-bath units. The property sold for $1.835 million to Cushman & Wakefield, represented by Ron Mazzola of Mazzola Realty. The majority of units in both properties include garage parking.
Mr. Adams, Managing Director, said, “Situated within a premier multi-million dollar housing neighborhood on the California coast, the properties are desirably just steps to the beach and have great ocean views.”
He added, “The expanding economic bases of San Diego, North County, and Orange County continue to put pressure on rental rates and property values in Oceanside. As such, with an attractive beach-side setting, both properties are part of a rapidly appreciating housing market and present excellent cash flow potential. Further, Oceanside is appealing as an accessible, realistic location for residents working in San Diego, Orange and Riverside counties.”
The properties offer convenient access to a wide sandy beach and are just one block to Buccaneer Beach having a beach snack bar, public park, basketball court, picnic tables, barbecue grills, and more. In addition to beach activities, the location is convenient to the bike rail trail, shopping, dining, and public transportation. Mr. Adams noted, “Nearby, downtown Oceanside has experienced a renaissance with new restaurants, micro breweries, luxury housing, and resort hotels under development. Plus, Oceanside transit center offers multiple train services and bus routes throughout the Southern California region.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter