Marcus & Millichap closed the sale of 5018-22 Saratoga Ave., a six-unit apartment property located in San Diego. The asset sold for $3,000,000, or $500,000 per unit.
“The deal reflects consistent performance of well-located assets in a dry commercial market where debt & legislation is driving down values in secondary and tertiary markets due to decreased investor returns,” said Conor Brennan, SVP in Marcus & Millichap’s San Diego Del Mar office, “Marcus & Millichap was able to coordinate three back-to-back exchanges from a fourplex in San Francisco to this six-unit complex in Ocean Beach, which was off market, to a luxury home in La Jolla for the seller.”
The seller, Fred Deluca, was represented by Coldwell Banker’s Brien Metcalf. The buyer, J&L Multifamily Properties, LLC, was procured by Brennan.
Built in 1964, the property offers four two-bed/one-bath apartments and two one-bed/one-bath apartments. It also offers original to partially upgraded interiors, tile countertops and original fixtures.
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