Two sets of different apartment complexes in Ocean Beach have been sold recently.
Back during the third week in May, a 6-unit apartment complex at 5018-5022 Saratoga Avenue was sold for $2.08 million ($347K per unit). The seller of the property was the Carl and Barbara Yamashiro Revocable Trust of San Diego and the all-cash buyers were Florida-based investors Fred and Cynthia Deluca.
The other sale was a five-unit property at 4968 Long Branch Avenue, which was sold for $1.6 million ($320K per unit) announced June 26th. The Frederick W. and Leone P. Jackson Trust was the seller and the Landon Family Trust was the buyer.
The broker remarked about the all-cash offer:
“The property generated eight offers in the first three weeks of marketing. The selected buyer had a full price, all-cash offer with a 30-day close. The closing price of $1.6 million represents a price per unit of $324,000, a price per building square foot of $422 and a gross rent multiplier of 18.8 on actual in-place rents.”
