Marcus & Millichap Arranges the Sale of a 6,064-SF Multifamily Development Site Located in San Diego

SAN DIEGO, June 6, 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 a 6,064-square-foot multifamily development site located in San Diego, California. The asset sold for $1,500,000.

“3659 Adams Avenue is a prime 6,064- square- foot- multifamily development site situated in the heart of Normal Heights, a highly sought-after submarket within San Diego. This property benefits from the Complete Communities Tier 3 Zoning, boasting a 6.5x FAR, waived density/height limits, along with no parking requirements making the site an ideal prospect for future development," shared Aaron Bove, senior managing director investments in Marcus & Millichap’s San Diego Del Mar office. “Located half a block away from schools, shops, and restaurants, the property promises an unparalleled living experience for future tenants. In addition, there are existing tenants renting out the billboard, office building & storage garages for added income while going through the permit process.” Bove and Jared Wallach, investment associate in the firm’s San Diego Del Mar office had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, an individual/ LLC, was also procured and represented by Bove and Wallach.

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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.