The per-unit cost of the apartment complex is $179,000. The price for square foot is $273. The buyer is expected to gradually upgrade the property, which should provide opportunity to push rents. Most tenants lease month to month, some on a six-month lease and few with yearly rentals. Overall, the tenants have been living at the property for several years to a decade.
The two-building property, which is located at 1552 Miramar Dr., was 100% occupied at the time of sale. The buildings were erected in 1953 and offer an unusual enclave of multi-family residentially zoned properties on the exclusive single-family end of the peninsula.
The asset was sold by the Robert E. Parker Trust of Long Beach. David Eagle of Grubb & Ellis' Newport Beach office represented the buyer and the seller in the transaction.
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