A Linda Vista parcel just shy of a half acre in size has been sold for $3.96 million, according to a real estate brokerage.
Aaron Bove and Jared Wallach, investment specialists in Marcus & Millichap’s San Diego Del Mar office, represented the unnamed seller. The buyer, a prospective developer, was procured by Bove.
The site could yield approximately 75 units of new housing, the brokerage said.
“There still is a market for apartment housing and rent-to-build projects (as) substantiated by this and several other recent closings,” Bove said. “We were also able to close on unentitled land within 120 days which was a huge success for both our buyer (and) seller in this changing market.”
The 18,461-square-foot lot, at 6645 Linda Vista Road, was once home to a gas station. Located a half-mile from the University of San Diego, the .42-acre parcel received multiple offers and ultimately closed over list price.
“The redevelopment of Riverwalk, the close proximity of Francis Parker School and USD, and the consistent renovations of existing apartment buildings makes Linda Vista one of the hotter markets in San Diego,” Bove said.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.