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Neighborhood Eyesore Goes for $1.75 Million

SACRAMENTO-A Sacramento apartment complex has sold for $1.75 million, despite the fact that it was its neighborhood's worst property. Multiple offers were made in the property's five days on the market.

By Michelle Savage | Updated on October 01, 2001

SACRAMENTO-An apartment complex in Sacramento, described as the worst property in the zip code, has sold, after receiving 5 offers in the 5 days it was on the market.

Mr. And Mrs. Boomershine, a San Jose couple, have purchased a 38-unit, garden-style apartment complex from the Huey Family Trust for $1.75 million. The property, built in the early 70′s, was described to GlobeSt.com by Marcus & Millichap’s Rocky Schotsal as the “worst property in the zip code.”

According to Schotsal, who brokered the transaction on behalf of both the buyer and seller, the property was suffering from a 40% collection loss upon closing of escrow.

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