4902-6 W. POINT LOMA BLVD. 92107
In August, 2022, Palma Commercial was retained to market and sell this beach-proximate 3-unit property in Ocean Beach, with direct access to Robb Field Athletic Fields/Courts, and its coastal walk to the beach (+/-3 blocks), comprised of two side-by-side 1br/1ba units at a single story duplex in the front (operated as short term rentals), and a rear second story unit above three garages (operated as a long-term rental).
After full market exposure for about thirty days, the 1031 exchange buyer was secured in-house. Buyer was attracted to the combination of an excellent location, decent in-place income relative to similar properties, and future development potential, including the possibility of redeveloping the site with 4-5 new units in the future, perhaps totaling around 5,000 square feet of rentable building area, up to three stories high, for enhanced bay/park/ocean view exposure.
Palma Commercial oversaw all negotiations and facilitated the diligent execution of all relevant disclosures, ensuring that all steps were handled in proper order, allowing for a smooth closing as scheduled, about thirty days after going under contract, around sixty days after going to the open market, during which time interest rates had gone up significantly. Palma Commercial helped Buyer find and secure a preferred lender with better rates than most competitors.
Agent(s) Involved: Joseph Burrough
Agency/Representation: Seller and Buyer (Dual)
|Bldg. Size:||1,660 SF|
|Lot Size:||8,341 SF|
|Price/SF of RBA:||$1,024|
|Price/SF of GLA:||$204|