DOWNTOWN SRO SOLD FOR $7.1M
A downtown San Diego single room occupancy (SRO) hotel has been sold for $7.1 million.
Jasmine Inn Apartments, 1323-1335 J St., in East Village was acquired by M&M Opp Z.
The sellers were Workman Hotel Ltd, J14 Trade LLC, and J Street Trade, LLC.
Aaron Bove, senior vice president investments in Marcus & Millichap’s San Diego office represented the buyer and the sellers.
Built in the 1920s, Jasmine Inn Apartments has 85 rooms that are partially furnished with beds and dressers and share bathrooms and kitchens, according to Marcus & Millichap’s marketing brochure.
An on-site front desk concierge manages operations and leasing. Rooms are rented daily, weekly and monthly.
The new owner plans to make some improvements to the property and will continue to operate it as an SRO, according to Marcus & Millichap.