Two apartment buildings, one in Normal Heights, the other in Sherman Heights, have been sold, according to Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage.
The Mansfield Street building in Normal Heights sold for $2.75 million, while the Market Street property sold for $2.52 million.
Raymond Choi, an investment specialist in the firm’s San Diego/Del Mar office, had the listing to market the Mansfield property on behalf of the seller, a limited liability company. The buyer, though local, was not identified.
The eight-unit building, at 4774 Mansfield St., is located north of Adams Avenue and includes two 2-bedroom units and six 1-bedroom units, along with parking.
Originally built in 1965, the complex underwent a full renovation in 2014.
The Market Street buyer, a private investor, was represented by Benjamin Price and Tom McCartin, also investment specialists in the firm’s local office.
Price said the investor was entering the multifamily market for the first time.
“With all signs pointing to a growing rental market, these units will provide substantial cash flow as our clients transition into retirement,” he said.
The property, at 2262 Market St., consists of six 1-bedroom units and four 2-bedroom units. The property underwent a full renovation, completed in 2020, and rents are currently at the top of the market.