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8/11/14
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A seven-unit apartment complex in Carlsbad sold for $1.855 mil, or $265k/unit. The property is on a 12.2k sf parcel at 3044 State St in the downtown village district of Carlsbad.
The site is currently approved for a 15.4k sf mixed-use building with 1.2k sf of ground floor retail and nine townhouse-style condominiums with garages. The condos would range between 1.2k sf to 2.2k sf in size.
The property may be maintained as is, as the existing seven-unit rental complex, and could also be used as vacation rentals that would take advantage of its ideal location.
Aaron Bove and Aaron Wilkinson of Marcus & Millichap represented the buyer and the seller, both private investors. According to Bove, “Even though the property had a tentative map for a new development, the best buyer saw a completely different use and was able to see value where other buyers could not.”
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