Marcus & Millichap, a leading commercial real estate firm, recently facilitated the sale of 4368 Wilson Ave., a seven-unit apartment property in San Diego’s Normal Heights neighborhood. The property was sold for $2,600,000 and was an attractive long-term investment opportunity for the seller who wanted to diversify their portfolio outside of California.
According to Ben Sierpina, senior associate at Marcus & Millichap’s San Diego Downtown office, the buyer was drawn to the location and potential for increased value through renovations. Additionally, plans to add an ADU (accessory dwelling unit) further enhanced its appeal.
Sierpina and Raymond Choi from Marcus & Millichap marketed the property on behalf of an out-of-state private investor while also securing a buyer from another state through their extensive network. The seller utilized this transaction as part of a 1031 exchange into other properties outside California.
This is only one example among many successful transactions that have taken place in Normal Heights over recent years with strong demand driving up prices. This particular sale marks not only one of highest price per unit sales in Normal Heights within past eleven months but also demonstrates continued interest from investors looking for multifamily opportunities with renovation potential.
