CBRE announced that a private buyer recently purchased an eight-unit multifamily garden-style community at 7342 Girard Ave. for $3.1 million.
Originally built in 1954, the 4,032-square-foot property allows for the development of up to 28 micro-units. The buyer has the option of redeveloping the property into condos or townhomes.
The site is walking distance from Pearl Street, and less than one mile from Marine Street Beach.
San Diego multifamily experts John Newton and Erik Anderson represented the seller, a local owner. 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. “CBRE was brought in after the property failed to sell last year. After presenting the market with detailed options for hold or redevelopment, we structured an agreement to help the buyers achieve their value-add business plan while maximizing the sale price for our seller.”
CBRE Group, Inc. is a Fortune 500 and S&P 500 company headquartered in Los Angeles. It is the world’s largest commercial real estate services and investment firm.
