South Bay San Diego real estate
856 Calla Ave. in Imperial Beach. Photo credit: Screen shot, Google Street View

A 10-unit multifamily property on Calla Avenue in Imperial Beach has been sold for $3.25 million, brokerage officials said.

Connor Stolle and Carson Trujillo, multifamily investment specialists in Marcus & Millichap’s Downtown San Diego office, represented the seller, Calla Condos LLC.

Cole Silverman, also of Marcus & Millichap, joined Trujillo in representing the all-cash buyer, Southport Properties, L.P. Trujillo said the firm received “multiple competing offers” and closed escrow in 25 days.”

The building, 856 Calla Ave., is comprised of two three-bedroom/two-bath units and eight one-bedroom/one-bath units. Constructed in 1968 and renovated in 2007, this property has a completed condo map and offers investors multiple exit strategies.

Tenants have in-unit laundry, private balconies and 11 off-street parking spaces. Located in I.B.’s Dolphin Bay neighborhood, brokers predict that the property is poised for long-term appreciation.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.