Just Sold: Office Building in Escondido for $420,000

November 5, 2014 – SAN DIEGO – The Ohio Ave Office building has been sold for $420,000. Located at 829 E Ohio Ave Escondido, CA 92025 in a SBA HUB Zone Area close to Palomar Hospital East in the heart of Escondido. This 2,520 square foot office space, constructed in 2004, offers tenants on-site parking, ADA compliant bathrooms, large waiting areas, large interior office spaces, and an additional 10 spaces of client parking. The property is two stories, and has potential to accommodate multiple tenants.

The property sold for $166.67 per square foot on a 6,969 square foot lot. The value indicators at time of sale were: Gross Rent Multiplier = 9.8 and CAP Rate = 8.1%. The property was 100% vacant at time of sale and had been listed for sale over a year. The seller was Pharmaceutical Services Investments, LLC and was represented by Rob Pew of TIE Commercial. The buyer was Aguilera’s Bookkeeping LLC and was represented by Curt Allen of ACI Apartments.

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm.