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May 19, 2022
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MULTIFAMILY NEWS
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Four-Unit Res Building in San Diego’s Ocean Beach Sells for $588k per Unit

12/30/21

A four-unit apartment complex in San Diego’s Ocean Beach, a block away from the Pacific Ocean, sold for $2.35 mil, or $587.5k per unit. The 1.9k sf property sits on a 6.7k sf lot at 1703-19 Bacon St.

The property consists of all one-bedroom/one-bath units, each with its own individual garage. Each unit has a large private yard and there is on-site laundry as well.

The seller had completed many property upgrades over the last several years including but not limited to: new plumbing; new roof; updated interiors in select units; new landscaping; and more. The property boasts a very desirable location one block from the ocean, and just a few blocks from Newport Ave and Santa Monica Ave.

The buyer, Mincks Family Trust 08-08-00, was represented by Chris Siedenburg of ACI Apartments. The seller, Orchard Properties LP, was repped by Catrina Russell of Coldwell Banker West. According to Siedenburg, the buyer purchased this property as part of a 1031 exchange, allowing the capital gains tax accrued on the sale of another property to be deferred.

Transaction coordination services were provided by Harold Venegas of “The TC House”. Chartwell Escrow’s Anthony Hall provided escrow services.





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