A small parcel of land near where Hillcrest and North Park meet has been sold for $1.6 million, according to a real estate brokerage.
Aaron Bove, senior managing director, investments in Marcus & Millichap’s San Diego Del Mar office, represented the seller, 3971 Georgia Avenue San Diego LLC.
The buyer, RD Dev Properties LLC, was procured by Bove and Jared Wallach, an investment specialist in the San Diego Del Mar office.
The 0.16-acre property is a 6,998-square-foot lot with an existing duplex located at 3971 Georgia St.
The site was zoned RM-3-7 and included a Complete Community (CCHS) Tier 3 overlay in a Qualified Opportunity Zone (QOZ).
“We are very excited to watch the transformation of the site into quality housing for the neighborhood,” Bove said. The property has a 45-day escrow.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.