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Out-of-State Seller Trades San Diego Multifamily with Renovation Upside
Marcus & Millichap arranged the sale of 4368 Wilson Ave., a seven-unit apartment property located in San Diego’s Normal Heights neighborhood. The sale price was $2,600,000.
“The property was a long-term investment for the seller, who was ready to move their equity out of California,” said Ben Sierpina, senior associate in Marcus & Millichap’s San Diego Downtown office. “The buyer was motivated to purchase the property based on the location, upside through renovation, and the planned addition of an ADU.”
Sierpina and Raymond Choi, SVP investments in the firm’s San Diego Downtown office, marketed the property on behalf of the seller, an out-of-state private investor. They also procured the buyer, an out-of- area limited liability company.
The seller was executing a 1031 exchange to several other properties out of state. This is the first time the property has been on the market in 24 years and is the highest price per unit sale in Normal Heights in the past 11 months for properties of five units and above.
- ◦Sale/Acquisition
