An eight-unit apartment building in Ocean Beach has been sold for $3.65 million, according to a real estate brokerage.
“This property presented investors with the rare opportunity to acquire a value-added asset featuring a great unit mix of all two-bedroom/one-bath units a few blocks from the water,” said Jamison Wheeler, an investment associate in Marcus & Millichap’s San Diego Del Mar office.
Wheeler and Austin Huffman, vice president, investments in the firm’s San Diego Del Mar office, represented the seller, the Gilbert K. & Sheila A. Sloan Family Trust.
The buyer, 9 Mendridge LLC., was represented by Graeme Henderson, a senior associate in the firm’s San Diego Del Mar office.
“The property’s unit layout, location and abundant off-street parking intrigued the buyer,” Henderson said.
The building, known as Sheila Lynn, 4840 Del Monte Ave., was built in the 1960’s. The property includes a laundry room and one parking spot for each unit. The building was updated with a new roof and windows prior to the sale, but the units remained in original condition at the time of purchase.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.
