An aging eight-unit apartment building in Pacific Beach has been sold for $3.825 million, a real estate firm announced.
Adrian Grobelny and Conor Brennan, investment specialists in Marcus & Millichap’s downtown San Diego office, represented the seller, a financial institution. They also secured the buyer, a private investor.
The property, located at 944 Sapphire St., was built in 1970 by one of San Diego’s most prolific apartment builders, Ray Huffman. The property has five one-bed, one-bath units and three two-bed, one-bath units.
Most of the apartments remain unrenovated and the building has substantial deferred maintenance.
“This property offers investors the unique opportunity to acquire a value-add property in one of San Diego’s most popular rental markets,” Grobelny said, while pointing out that the “property attracts the most desirable demographic of tenants.”
Marcus & Millichap is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.