Marcus & Millichap has arranged the $4 million sale of an 8-unit multifamily property in the North Pacific Beach neighborhood of San Diego. The firm’s Adrian Grobelny and Conor Brennan represented the seller in the transaction, a financial institution. The buyer was also secured by the Marcus & Millichap team.
The 52-year-old apartment is located at 944 Sapphire St., and features one- and two-bedroom units. Most of the residences are unrenovated and the building has substantial deferred maintenance.
“This property offers investors the unique opportunity to acquire a value-add property in one of San Diego’s most popular rental markets. Located only three blocks from Tourmaline Surf Beach and within walking distance of popular bars, restaurants, shops and attractions, this property attracts the most desirable demographic of tenants,” said Grobelny in a news release.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.