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Marcus & Millichap arranges sale of 10-unit building in Imperial Beach, California

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Marcus & Millichap Arranges Sale of 10-Apartment Building in Imperial Beach, California

November 07, 2022

IMPERIAL BEACH, Calif., November 7, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today today the sale of 856 Calla Avenue, a 10 multifamily property located in Imperial Beach, California. The asset sold for $3,250,000.

Connor Stolle and Carson Trujillo, multifamily investment specialists at Marcus & Millichap’s downtown San Diego office, had the exclusive listing to market the property on behalf of the seller, Calla Condos LLC. Cole Silverman and Trujillo along with Marcus & Millichap represented the all-cash buyer, Southport Properties, LP “This property received multiple competing offers and closed escrow in 25 days,” Trujillo said.

856 Calla Avenue features two (2) three-bedroom/two-bathroom units and eight (8) one-bedroom/one-bathroom units. Built in 1968 and renovated in 2007, this property has a complete condominium plan and offers investors multiple exit strategies. Tenants have access to in-unit laundry facilities, private balconies and 11 off-street parking spaces. Located in the Dolphin Bay area of ​​Imperial Beach, this property is ready to be enjoyed long-term for years to come.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and finance professionals in 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap completed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit www.MarcusMillichap.com.

Disclaimer

Marcus & Millichap Inc. published this content on November 07, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on November 07, 2022 22:47:25 UTC.

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2022 sales 1,451 million

2022 net income 130M

Net debt 2022

PER 2022 ratio 10.8x
2022 return 4.33%
Capitalization 1,365 million
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capi. / Sales 2022 0.94x
capi. / Sales 2023 0.87x
# of employees 801
Floating 96.7%

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Medium consensus SALE
Number of analysts 1
Last closing price $34.68
Average target price $26.00
Average Spread / Target -25.0%


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