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 consists of (17) 2-bdrm. and 1.5-bath townhomes that are approx. 1,045 SF. Each bright and spacious unit includes a back patio, washer, and dryer. 748 N. 3rd St presents approx. 56% rental upside compared to renovated townhomes in the area.
About The Property
Stats
Price $5,300,000
Year Built 1982
City El Cajon
Units 17
Current CAP 3.72%
Price p/ Sq. ft. $299
Price P/ Unit $311,765
Background
Located 30 minutes from Downtown San Diego, this townhouse-style complex featured (17) 2-bdrm. units offering approx. 56% rental upside. 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.
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.
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