A seven-unit apartment property in El Cajon has been sold for $1.88 million, a brokerage announced.
“The asset had been in the family for over 50 years, but after inheriting the property with low rents and deferred maintenance, the seller decided to sell and invest his capital elsewhere,” said Cole Silverman, an investment associate in Marcus & Millichap’s San Diego Downtown office.
Silverman and Carson Trujillo, first vice president investments, in the firm’s San Diego Downtown office, represented the seller, an individual/personal trust.
The buyer, a private investor, was procured by Silverman and Trujillo. The buyer, Silverman said, plans extensive renovations of the interior and exterior of the property.
The building, at 1176 Sumner Ave., is comprised of four two-bedroom/two-bathroom units and three three-bedroom/two-bathroom units.
Constructed in 1960, it rests on an 18,995-square-foot lot and has 6,931 rentable square feet.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
