Marcus & Millichap has successfully closed the sale of Sheila Lynn, an eight-unit apartment property located at 4840 Del Monte Ave in San Diego’s Ocean Beach neighborhood. The property was sold for $3,650,000 and presented investors with a rare opportunity to acquire a value-added asset featuring a desirable unit mix of two-bedroom/one-bath units just blocks away from the waterfront.
According to Jamison Wheeler, investment associate at Marcus & Millichap’s San Diego Del Mar office, “This property provided investors with an exceptional chance to add value due to its prime location and unit layout.” Wheeler worked alongside Austin Huffman, VP investments in the same office who marketed the property on behalf of seller The Gilbert K. & Sheila A. Sloan Family Trust.
The buyer for this transaction was represented by Graeme Henderson senior associate also based out of Marcus & Millichap’s San Diego Del Mar office. According to Henderson,”The buyer was drawn in by the attractive unit layout as well as ample off-street parking.”
This recent sale demonstrates strong demand for multifamily properties within highly sought-after neighborhoods such as Ocean Beach in San Diego.
