SAN DIEGO PARCEL SELLS IN OPPORTUNITY ZONE
November 1st, 2023
Marcus & Millichap finalized the sale of a 0.16-acre parcel of land located in San Diego. The asset sold for $1,600,000.
Aaron Bove, senior managing director of investments in Marcus & Millichap’s San Diego Del Mar office, marketed the property on behalf of the seller, 3971 Georgia Avenue San Diego LLC. The buyer, RD Dev Properties LLC, was procured by Bove and Jared Wallach, investment specialists in the firm’s San Diego Del Mar office.
The property is a 6,998-square-foot lot with an existing duplex located at 3971 Georgia St. in San Diego. This prime Hillcrest site was zoned RM-3-7 and included a Complete Community Tier 3 overlay and was in a Qualified Opportunity Zone .
“We are very excited to watch the transformation of the site into quality housing for the neighborhood,” said Bove. “The 45-day escrow shows the resiliency of San Diego development.”