Oxnard | 18 Units | 1031 Exchange Buyer
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The LAAA Team of Marcus & Millichap is pleased to announce the successful sale of 1200 North H Street, a rare 18 unit investment opportunity located in the center of Oxnard, CA in Ventura County.
Property Description
1200 North H Street offers a unique opportunity to acquire a prime 18 unit asset in a high barrier to entry Ventura County location. The 14,695 square feet building sits on a large 15,147 square foot lot (0.35 acres), and is made up of (9) 1 bed / 1 bath, (2 bed / 1 bath), and (4) 2 bed / 1.5 bath units. The property includes ample parking that is accessible from side and rear alleys.
Deal Story
After receiving a response from both buyers, it became clear that the best buyer we had was a buyer represented by an outside broker who was in a 1031 exchange themselves. In hopes to make a deal with this buyer, the seller decided to give this one buyer a final counter offer which would be a single and binding counter so that the buyer knew the deal was his if he accepted. The counter offer was at $4,350,000, which was lower than the seller wanted to go, but in exchange for going to that number, the buyer agreed to take care of about $70,000 of plumbing work that the property desperately needed after the close of escrow.
From that point forward, the escrow went on as smooth as we could hope, and we successful closed today. The seller did not need to utilize either of his two options to extend escrow.
For more information on this sale, or to receive a complimentary pricing and 1031 exchange analysis for your multifamily property, please give us a call today.
Closing
