A 16-unit apartment building on the coastline of Ocean Beach has sold significantly over the asking price for $6.75 million.
The 12,140-square-foot property, located at 5101-5107 Narragansett Ave., was sold by the William R. Mundt Trust. The seller was represented by Pacific Coast Commercials multifamily and investment sales team, Mack Langston and Jan Sacks.
The buyer, Mills Trust, was represented by Kidder Mathews multifamily investment brokers, Merrick Matricardi, Jim Neil and Eric Comer, as well as Dylan Wright and Chris Saver of ACRE.
The apartment was built in 1973. It is a three-story building consisting of 16 units of studios, one, two and three-bedroom floor plans. The seller describes it as a rare coastal property with gorgeous panoramic ocean views.
“We received over a dozen offers for this one of a kind waterfront property with panoramic views of the Pacific Ocean,” said Langston of Pacific Coast Commercial.
“It is uncommon for an oceanfront property to become available on the market,” said Matricardi. “This is only the fourth oceanfront apartment building over 10 units to sell in San Diego County in the last 20 years.”
The escrow and title was provided by Chicago Title Escrow.
