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Coastline Property Sells

Ocean Beach Apartment Bldg Trades for $6.8M
May 30, 2018
A family trust purchased the Pelican Point apartments at 5101-5107 Narragansett Ave. in San Diego, CA from a private trust for $6.75 million, or about $422,000 per unit.

Built in 1973, the 12,141-square-foot, three-story building consists of 16 units made up of studios, one-, two- and three-bedroom floor plans. The property is situated on a 0.2-acre oceanfront lot.

Mack Langston and Jan Sachs of Pacific Coast Commercial represented the seller. Merrick Matricardi, Jim Neil and Eric Comer of Kidder Mathews represented the buyer along with Chris Sarver and Dylan Wright of ACRE Investment Real Estate.

For additional details on this transaction, please refer to CoStar COMPS #4271803.
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