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July 04, 2017

Ocean Beach apartment building sells for $1.6 million

San Diego Community News Group

An Ocean Beach apartment building, located at 4968 Long Branch Ave., has sold for $1.62 million. The five-unit complex is a few blocks from the beach and is within walking distance of restaurants, coffee shops, and shopping.

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 Landon Family Trust.

"The property generated eight offers in the first three weeks of marketing. The selected buyer had a full price, all cash offer with a 30 day close," said Matricardi. "The closing price of $1.62 million represents a price per unit of $324,000, a price per building square foot of $422, and a gross rent multiplier of 18.8 on actual in-place rents," he said.

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