Chula Vista apartment on Del Mar sold

The 10-unit apartment at 256-264 Del Mar Ave., Chula Vista 91910, has been sold for $915,000.

The buyer was Margo Castagna, trustee of the Margo Castagna Revocable Trust, 4757 Soria Drive, San Diego 92118.

The acquisition was financed with a loan of $315,000 from Kaiser Federal Bank.

The seller of the property (assessor’s parcels 568-162-20, 21 and 22) was Denise C. Marquez, co-trustee of the John S. and Carole G. Marquez Family Trust.

Sean Bascom, of South Coast Commercial Inc. represented the seller. Seth R. Watje and Aaron Zelt, of The Watje Group at South Coast Commercial Inc.

The buyer did a 1031 exchange into the property, the seller was cashing out. The property sold at a cap rate of 7.3 and a GRM of 8.4.

The 4,681-square-foot apartment consists of three two-bedroom, one-bath cottages, six one-bedroom cottages and one studio.

The apartment was constructed in 1927 and 1940 on an 18,225-square-foot lot.

The property sold in October 2000 for $238,000, financed with $190,400 from Washington Mutual Bank.

source: San Diego Daily Transcript

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