Marcus & Millichap, a leading real estate investment firm, recently closed the sale of 5018-22 Saratoga Ave., a six-unit apartment property in San Diego. The asset was sold for $3 million at an impressive price of $500,000 per unit.
According to Conor Brennan, Senior Vice President at Marcus & Millichap’s Del Mar office in San Diego, this deal is a testament to the consistent performance of well-located properties in a competitive commercial market. He also noted that factors such as debt and legislation are driving down values in secondary and tertiary markets due to decreased investor returns.
Brennan further explained that Marcus & Millichap played an integral role by coordinating three back-to-back exchanges for the seller – Fred Deluca. This included selling his fourplex property in San Francisco and purchasing this off-market six-unit complex located in Ocean Beach before ultimately acquiring a luxury home in La Jolla.
The seller was represented by Brien Metcalf from Coldwell Banker while J&L Multifamily Properties LLC was procured by Brennan himself as the buyer.
Built-in 1964, this property boasts four two-bedroom/one-bathroom apartments and two one-bedroom/one-bathroom units with original or partially upgraded interiors featuring tile countertops and fixtures. This successful transaction highlights the strong demand for multifamily properties within San Diego’s thriving real estate market where prices continue to soar despite challenges faced by other regions due to external factors like debt management policies.
