4-Unit Apartment Property Sells for $1.75M

Marcus & Millichap (NYSE: MMI) has announced the sale of 721 Pennsylvania Avenue, a four-unit apartment property located in San Diego. The asset sold for $1,756,000.

The buyer, a limited liability company, was secured and represented by Ben Sierpina, senior associate, and Raymond Choi, senior vice president investments, both investment specialists in Marcus & Millichap’s San Diego downtown office.

Kevin Elliott of Marcus & Millichap Capital Corporation assisted the buyer in financing the deal.

The seller, a trust, cashed out of the market and did not participate in an exchange.

721 Pennsylvania Avenue sits in the premier neighborhood of Hillcrest and boasts a walk score of 94. Featuring four (4) one-bedroom/one-bath units, the property was originally built in 1915 and maintains its original condition, allowing for significant upside in rents. The buyer plans to restore the property.