San Diego, Calif. (June 23, 2017) – An Ocean Beach apartment building, located at 4968 Long Branch Avenue in San Diego, has sold for $1,620,000. 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 Landon Family Trust.
The 5-unit complex is a few blocks from the beach and is within walking distance of restaurants, coffee shops, and shopping.
“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 $1,620,000 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.
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.