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2/12/20
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In a multifamily sale comp from La Jolla, a private investor paid $3.1 mil for an eight-unit ($387.5k/unit) apartment community. Located at 7342 Girard Ave, the 4k sf property was originally built in 1954 and is comprised of eight garden-style units.
The zoning on the property allows for the development of up to 28 micro units. The buyer also has the option of redeveloping the property into condominiums or townhomes.
The site is walking distance from Pearl Street in La Jolla Village, one of La Jolla’s most prominent destinations for dining, retail and entertainment. The community sits less than one mile from Marine Street Beach.
John Newton and Erik Anderson with CBRE represented the seller, a local owner, in the transaction. The buyer was self-represented.
“There were a lot of moving parts to the deal due to the condition of the property, the passage of local rent control laws, the existing conversion of three units from residential to office space, and the relocation of the office tenant” said Newton.
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