June 22, 2017— A 6-unit apartment building in San Diego’s Ocean Beach submarket has sold for $1,675,000. Kidder Mathews’ multifamily brokers, Merrick Matricardi, Jim Neil, and Eric Comer represented the seller, The Frederick W. and Leone P. Jackson Trust, in the transaction. The property was purchased by Mills Family Trust.
The complex, located 4918-4924 Santa Monica Avenue, is two blocks from the beach and is surrounded by a plethora of restaurants and shopping.
“Within a three week marketing effort the property generated seven offers and the buyer offered all cash and removed his contingences on day one,” said Matricardi. “The closing price of $1,675,000 represents a price per unit of $279,167, a price per building square foot of $503, and a gross rent multiplier of 21.2 on actual in-place rents,” he said.