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7/11/14
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A nine-unit, cottage-style apartment property in San Diego sold for $1.425 mil ($158.3k/unit). Located at 3917-31 Hamilton St, west of I-805 and north of University Ave, the property consists of eight one-bedroom/one-bath and one two-bedroom/one-bath units, on a large 14k sf lot.
Most units have been remodeled with tile and refinished hard-wood flooring throughout. All units feature private yards, ceiling fans and new dual pane vinyl windows.
The property has recently received an upgraded electrical service panel with new meters and all wiring has been replaced. The upgrade included the addition of a house meter should the new owner want to install a laundry room. In addition, the property has new exterior paint and ample parking with four garages and ten additional spaces. Long term, the asset benefits from bonus density zoning allowing for potential redevelopment.
Brian Barnard and Tom McCartin with Marcus & Millichap represented the seller, a private investor. The listing generated multiple competing offers, driving the final sale above list price.
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