A seven-unit apartment property in Normal Heights has been sold for $2.6 million, a brokerage announced.
The building, at 4368 Wilson Ave., was on the market for the first time in 24 years. The transaction is the highest price-per-unit sale in the community in the last 11 months for those that include five or more units.
“The property was a long-term investment for the seller who was ready to move their equity out of California,” Ben Sierpina, a senior associate in Marcus & Millichap’s San Diego Downtown office, said of the unnamed private investor, who resides out of state. “The buyer was motivated to purchase the property based on the location, upside through renovation and the planned addition of an ADU.”
Sierpina and Raymond Choi, senior vice president, investments in the firm’s San Diego Downtown office, represented the seller and also secured the buyer, a limited liability company also located out of the region.
The building, originally constructed in 1979, includes a three-bedroom/two-bath townhome and six one-bedroom/one-bath units. Three of the units have been partially renovated, and the property comes with approved plans for a garage to be converted into an ADU, or accessory dwelling unit..
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage specializing in investment sales, financing, research and advisory services.