Apartment

Imperial Beach apartment building, built in 1968, sold for $3.25 million

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Real Estate South Bay San Diego
856 Calla Ave. at Imperial Beach. Photo credit: Screenshot, Google Street View

A 10-unit multifamily property on Calla Avenue in Imperial Beach has sold for $3.25 million, brokerage officials said.

Connor Stolle and Carson Trujillo, multifamily investment specialists in Marcus & Millichap’s downtown San Diego office, represented the seller, Calla Condos LLC.

Cole Silverman, also of Marcus & Millichap, joined Trujillo to represent cash buyer Southport Properties, LP Trujillo said the company received “several competing offers” and closed the receivership in 25 days.

The building, 856 Calla Ave., is comprised of two three-bedroom/two-bath units and eight one-bedroom/one-bath units. Built in 1968 and renovated in 2007, this property has a complete condominium plan and offers investors multiple exit strategies.

Tenants have in-unit laundry facilities, private balconies and 11 off-street parking spaces. Located in the Dolphin Bay neighborhood of IB, brokers predict the property is poised for long-term appreciation.

Marcus & Millichap (NYSE: MMI)a commercial real estate brokerage firm, specializing in investment sales, financing, research and advisory services.

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