X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO, CA-A San Diego multifamily property that is in need of repairs has sold for $71,000 per unit.

The buyer, Thomas J. Perry, has shelled out $710,000 for the 10-unit 36th Street Apartments complex. “In hindsight, the interiors were in a lot better condition than I had expected, so it was a little underpriced,” says Pamela Ruegg of Hendricks & Partners, who represented the seller. However, she adds that the property does need about $30,000 to $50,000 worth of repair work. Completed in 1971, the complex is located at 4160 36th St. and does provide on-site parking for every unit. It was 100% occupied at the time of sale.

Dan Cote from San Diego Investment Brokers acted on behalf of the buyer, who acquired the property from Pablo and Keiko Inosanto of Spring Valley.

This latest sale is an indicator of the current strength of San Diego’s multifamily market. “The values are very strong,” Ruegg tells GlobeSt.com. “However, we’re starting to see more property coming onto the market, so I think we’ll start to see a shift.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.