Exterior view of 748 N 3rd apartment buildings with desert landscaping and palm trees.

SUCCESS STORY

$800,000 Over-Asking Sale & 20 Offers Generated

748 N 3rd St.

The fiduciary represented a trust whose beneficiaries were having difficulties agreeing on the disposition of the property.

Offering Price
$5,300,000

City

El Cajon

Current CAP

3.72

Price per unit

$311,765

Lot Size

38,333 SF

748 3rd

About the Property

748 N 3rd St is a 17-unit townhouse-style complex located in the suburban family-focused east county region of San Diego. Built in 1982, this sprawling townhouse complex is 30 minutes from downtown San Diego and consisted of (17) 2-bdrm. and 1.5-bath townhomes that were approx. 1,045 SF. Each bright and spacious unit includes a back patio, washer, and dryer. 748 N. 3rd St offered approx. 56% rental upside compared to renovated units in the area.

Offering Price

$5,300,000

Number of Units

17 Units

Bldg. Size

17,748 SF

Price per Foot

$299

Year Built

1982

Market CAP

07.07

Zoning

C

Background

A Del Mar Compass residential agent, having an established relationship with the property's fiduciary, contacted our team to help the beneficiaries cash out. The fiduciary represented a trust whose beneficiaries were having difficulties agreeing on the disposition of the property. Given high expectations, we approached this transaction with great care, tact, and communication to achieve top dollar.

Exterior view of 748 N 3rd apartment buildings with desert landscaping and palm trees.
Exterior view of 748 N 3rd apartment buildings with desert landscaping and palm trees.
Exterior view of 748 N 3rd apartment buildings with desert landscaping and palm trees.

Result

Despite heavy economic uncertainty and the continual uptick of interest rates, we hit the ground running. 2 weeks after signing the listing, we generated 20 offers and toured 15+ qualified buyers, leading to a competitive round of best-and-final offers. Ultimately, our Sellers accepted an offer $800,000 over the asking price, with minimal credit requests, which closed 60 days later. With a drastic reduction in market activity this year, our Sellers were thrilled with an over-asking sale in 90 days, results unheard of in today’s market.

748 N 3rd apartments showcasing a pool surrounded by patio furniture and palm trees.
748 N 3rd apartments showcasing a pool surrounded by patio furniture and palm trees.
748 N 3rd apartments showcasing a pool surrounded by patio furniture and palm trees.

Here You Find All The Things We Do at One Place

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Sold in 40 Days to All-Cash Buyer in the SFV

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.

© Copyright 2024.