Coronado apartments on Palm Avenue sold

Monday, September 6, 2010

The 13-unit apartment complex at 305-329 Palm Ave., Coronado 92118, has been sold for $2.8 million.

The buyer was Rich Investments-305 Inc., 222 Playa del Norte, La Jolla 92037. Neville Rich is the president of Rich Investments.

The property sellers (assessor’s parcel 536-202-01) were Dale R. McBride as trustee of the McBride Revocable Living Trust (80 percent), and the Southeastern California Conference of Seventh-Day Adventists, a California nonprofit religious corporation (20 percent). The seller, 1025 Eastside Road, El Cajon 92020, took back a trust deed for $1.87 million.

The seller was represented by Seth Watje and David Cameron, of South Coast Commercial Inc. The buyer was represented by Joe Ramos, also of South Coast Commercial. The apartment occupies a 14,000-square-foot corner lot at Palm, 3rd St and H Avenue, and consists of a dozen one-bedroom units and one studio. The property also includes nine garages.

The sale price equates $201.44-per-square-foot and an average of $215,385 per unit.

source: San Diego Daily Transcript

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