Marcus & Millichap Arranges the Sale of a Six-Unit Apartment Building in San Diego

SAN DIEGO, May 31, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 5018-22 Saratoga Avenue, a six-unit apartment property located in San Diego, California. The asset sold for $3,000,000.

“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,” shared Conor Brennan, senior vice president investments 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 buyer plans to build more units and fully renovate the rest of the property”. The seller, Fred Deluca, was represented by Brien Metcalf and the buyer, J&L Multifamily Properties, LLC, was procured by Brennan.

The property is located at 5018 Saratoga Avenue in San Diego, California. Situated in the Ocean Beach neighborhood and within a block to the beach, the location benefits from month-to-month tenants, younger professionals, hipsters and a work-at-home community. Built in 1964, the property offers four (4) two-bed/one-bath apartments and two 1-bed/1-bath apartments. It also offers original to partially upgraded interiors, tile countertops and original fixtures. “The transaction is indicative of the strength of premium locations and the prevalence of speculative buyers who are satisfied with little to no returns in the near future, banking on big rent increases in the long run for desirable areas,” added Brennan.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.