Marcus & Millichap Facilitates the Sale of a Six-Unit Apartment Building in San Diego

SAN DIEGO, November 8, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 1228 Essex Street, a six-unit apartment property located in the Hillcrest neighborhood of San Diego, California. The asset sold for $2,500,000.

The 1031 exchange buyer, a limited liability company, was procured by Carson Trujillo, first vice president investments in Marcus & Millichap's Downtown San Diego office. The seller, a private trust, was represented by Tom Parashos with Palisade Realty Inc. "The buyer secured this property against multiple competing offers with a non-refundable deposit day one," says Trujillo.

1228 Essex Street is comprised of four (4) one-bedroom/one-bath units and two (2) two-bedroom/one-bath units. This value-add asset has under market rents and offers significant rental upside. Tenants enjoy access to off-street parking and on-site laundry. Increasing market demand throughout Hillcrest will continue to keep vacancy rates low. Located in the vibrant Hillcrest neighborhood, this asset is well positioned with the investor's longevity in mind.

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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 throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.