Disclaimer: I am not an attorney and this article is not intended as a substitute for advice from the appropriate legal, zoning, financial, construction and/or tax professionals. This information is provided for educational purposes only and is made without warranties or representations
Erik Egelko, a commercial real estate broker with SVN Vanguard’s San Diego office has successfully brokered a deal for a 3 unit investment property at 7680-84 Normal Ave in La Mesa, CA.
This property features (2) 2 bedroom units and (1) 2 bedroom unit. The seller will be doing a 1031 exchange and will exchange his equity into a larger apartment deal. Closing for $1,000,000, this property was sold by the same broker 1 year earlier for $895,000.
Egelko (listing broker) commented, “My client was able to take advantage of the short-term appreciation in the property and parlay the equity into a down payment on a larger asset nearby.”