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June 22, 2017

Apartment Building in Ocean Beach Submarket Sells for $1,675,000

San Diego, Calif. (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 contingencies 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.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 46 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.

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