E Point Perfect – Interesting and beneficial content

Pacific Beach Apartments Built in 1970 Sell to Private Investor for $3.8M


San Diego real estate
944 Sapphire St. in Pacific Beach. Photo credit: Screen shot, Google Street View

An aging eight-unit apartment building in Pacific Beach has been sold for $3.825 million, a real estate firm announced.

Adrian Grobelny and Conor Brennan, investment specialists in Marcus & Millichap’s downtown San Diego office, represented the seller, a financial institution. They also secured the buyer, a private investor.

The property, located at 944 Sapphire St., was built in 1970 by one of San Diego’s most prolific apartment builders, Ray Huffman. The property has five one-bed, one-bath units and three two-bed, one-bath units.

Most of the apartments remain unrenovated and the building has substantial deferred maintenance.

“This property offers investors the unique opportunity to acquire a value-add property in one of San Diego’s most popular rental markets,” Grobelny said, while pointing out that the “property attracts the most desirable demographic of tenants.”

Marcus & Millichap is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.


Source link

Related posts

How Older Adults Can Stay Safe During This Near-Record Flu Season

Crews Confine Smoky Bay Ho Fire Near Interstate 5 to Less Than Acre

SD Drug Dealer Sentenced in Case from HBO Documentary “The Crime of the Century”

Southwestern College Students Join with Novo Brazil in IB to Create Special Craft Beer

Hot Spell to Bring Week’s Worth of ‘Excessive’ Heat to San Diego Area

Hold on to Your Hats: Gusty Santa Ana Winds to Buffet San Diego Area