Sold

209-227 W 3rd Avenue

Escondido CA, 92025

$4,460,000


$467.70 per sqft

Sold

6 Beds

9,536 sqft

Commercial

We are pleased to offer The Grand @ City Center apartments a Value-Add deal located in the heart of Escondido. The property is situated on two adjacent parcels on the corner of S Maple Street and W 3rd Avenue with close proximity to downtown Escondido. The opportunity contains a very dynamic unit mix of a 3br/1ba SFR, 6-1br/1ba detached cottages (with private yards), one 2br/1ba apartment, five 1br/1ba apartments and five studio apartments. Other amenities include six single car garages (perfect for an ADU conversion) and laundry facilities. The property offers a very quaint courtyard style atmosphere as current ownership has implemented many recent capital improvements (see OM). There is also significant rental upside potential. *** There is new loan on the property with Chase Bank that has a current loan balance of $2,225,000. The loan has an interest rate of 3.37% and has interest only payments through 10/1/2024. Then it converts to a fixed rate (fully amortized) of 3.37% until 10/1/2026.

230003308

MLS ID

February 20, 2023

Listed

May 9, 2024

Updated

Map

209-227 W 3rd Avenue
Escondido CA, 92025

Interior Features

Total Stories

2


Bedrooms

6


Laundry Description

Leased


Floor Description

Wood, See Remarks, Vinyl, Other


Fireplace

No


Cooling

Yes


Cooling Description

Other


Heating

Yes


Heating Description

Wall Furnace, Other/Remarks

Exterior/Building Features

Exterior Features

Remarks


Roof

Composition

Other Property Details

Area Name

North County


Days on Market

147


Garage

Yes


Parking

Garage, Other/Remarks


View

No


County

San Diego


Pool

No


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

9/12/2023

Price Change

$4,460,000

-4%

9/12/2023

Sold

$4,460,000

8/14/2023

Pending

6/20/2023

Price Change

$4,600,000

-5%

Listed by The Browar Group, Josh Browar,
Listing Contact: 858-414-4398 

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