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