By Ariela Moraru
Kidder Mathews has closed the sale of an Ocean Beach apartment community in San Diego. Landon Family Trust purchased the five-unit property for $1.6 million. Brokers Merrick Matricardi, Jim Neil and Eric Comer represented the seller, The Frederick W. and Leone P. Jackson Trust.
Located at 4968 Long Branch Ave., the property is two miles from SeaWorld San Diego and less than five miles from San Diego International Airport. The property 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 in prepared remarks. “The closing price of $1.6 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.”
Image courtesy of Kidder Mathews