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August 11, 2020
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Res Property in San Diego’s Ocean Beach Trades for Over $18 Mil


A 60-unit multifamily complex in San Diego’s Ocean Beach sold for $18.275 mil, or $304.5k/unit. The 52k sf property sits on a 45.3k sf lot at 4464 Castelar St, west of Nimitz Blvd and south of Point Loma Blvd.

The asset is comprised of 30 one-bedroom/one-bathroom units of approximately 725 sf in size along with 30 two-bedroom/1-3/4 - bathroom units of approximately 1k sf in size. The property offers tenants a pool, sauna and recreation room on premises. In addition, the property parks 62 cars, including 47 parking spaces that are gated.

The location boasts excellent proximity to area beaches, recreation like walking trails and local parks, as well as entertainment venues and shopping. The property is minutes from Downtown, Mission Valley and Mission Bay, and has easy access to the I-5 and I-8 freeways.

The seller, the Groebli Revocable Trust of La Jolla, was represented by Norm Root of ACI Apartments. The Groebli family developed the property in the early 1970’s and has owned and operated it since. The buyer, Interstate Enquiries Corporation out of Los Altos, was repped by Rob Horvath and Ryan Anderson of The Triqor Group in Carlsbad.

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