LINDA VISTA PARCEL SELLS FOR $3.96M
By: STAFF REPORT
December 21, 2022
Marcus & Millichap (NYSE: MMI) has sold a 0.42-acre parcel of land located at 6645 Linda Vista Road in San Diego for $3,960,000.
Aaron Bove and Jared Wallach, investment specialists in Marcus & Millichap’s San Diego Del Mar office, had the exclusive listing to market the property on behalf of the seller. The buyer, a prospective developer, was procured by Bove.
“There still is a market for apartment housing and rent-to-build projects substantiated by this and several other recent closings,” said Bove. “We were also able to close on unentitled land within 120 days which was a huge success for both our buyer/seller in this changing market.”
This 18,461-square-foot lot was in the complete communities – tier four overlay and is expected to yield up to +/-75 units. Located just one-half mile from University of San Diego, this previous gas station site received multiple offers in the first week of marketing and ultimately closed over list price.
“If you haven’t looked at this area lately, you should,” added Bove. “The redevelopment of Riverwalk, the close proximity of Francis Parker School & USD, and the consistent renovations of existing apartment buildings makes Linda Vista one of the hotter markets in San Diego.”
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services.