A nine-unit urban apartment complex has been sold for $4.53 million, a real estate brokerage announced.
“This was the first extensively renovated complex over five units to trade in North Park this year and set a new pricing benchmark for the submarket.” said Ben Sierpina, a senior associate in Marcus & Millichap’s San Diego Downtown office.
Sierpina and Raymond Choi, senior vice president investments, represented the sellers, Garret Reuter and Matthew Holt. The buyer, a local private investor, also was procured by Sierpina and Choi.
The property, at 3981 Oregon St., has three two-bedroom/one-bathroom units and six one-bedroom/one-bathroom units. The previous owners embarked on a complete renovation in 2023, including plumbing and electrical systems. All units were leased with premium rents, according to the brokreage.
Marcus & Millichap (NYSE: MMI) is a commercial real estate firm specializing in investment sales, financing, research and advisory services.