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California  + San Diego  + Apartments  | 

San Diego Apartments Go for $500K/Unit

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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Marcus & Millichap's Brennan

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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