North Park, CA – January 9, 2024 - Lee & Associates - NSDC, a premier commercial real estate firm in San Diego County, is excited to announce the sale of 3711 Grim Avenue, an 8-unit investment property in North Park. The property was sold for $2,775,000 which was $25,000 above the listing price.

Brought to market on November 1, 2023, The Von Bluecher Group executed full marketing and were able to generate multiple offers from both investors and brokers, resulting in five offers within the first two weeks of hitting the market. The well-maintained property consists of 8 units, featuring a mix of (3) 2-Bed, 2-Bath; (1) 2-Bed, 1-Bath; and (4) 1-Bed, 1-Bath. The building was well maintained and featured rental upside potential of +/-45%.

Eric von Bluecher and Ivan Del Muro-Garcia of Lee & Associates – NSDC represented the seller in this transaction, and the buyer was represented by Dave Plutner of DP Properties.
“Despite the low cap rate and interest rates double the current cap rate, multifamily real estate in San Diego County remains a vital investment opportunity for investors. The key with this building was that it was a well-maintained building where a new buyer would not need to spend hundreds of thousands in immediate repairs, featured fantastic unit mix for top of the market rents, well parked, a walk-to-everything location and was held multiple decades by the same owners. These fundamentals were recognized by multiple seasoned investors identifying this building as an exceptional multifamily investment opportunity.” Eric commented.