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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.”

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