A small Pacific Beach apartment building constructed in 1970 has sold for $3.2 million.
Portman LP, represented by Adrian Grobelny and Conor Brennan, investment specialists in Marcus & Millichap’s San Diego Del Mar office, sold the building.
Grobelny and Brennan also represented the unidentified buyer.
The property, at 4046 Crown Point Drive, consists of two studios, five 1-bedroom units and one 2-bedroom unit.
It was 100% occupied at the time of sale with rents approximately 50% below market.
The seller, according to Marcus & Millichap, chose to simplify their portfolio and improve return on equity. The buyer plans to renovate the units and bring the rents up to market.
Meanwhile, an industrial and office property in Chula Vista was sold to a private buyer for $8.6 million.
Located at 2371 Fenton St., the 38,368 square-foot building was originally constructed in 2000, then renovated in 2007.
The site is part of the Eastlake Master Planned Community and features 117 parking spaces.
CBRE’s Matt Pourcho, Matt Harris, Anthony DeLorenzo, Gary Stache and Bryan Johnson represented the private seller in the transaction.
Pourcho noted that the firm found a buyer after two days of marketing the Fenton site.
“This asset received strong interest and multiple offers,” he said.