A small apartment building in Ocean Beach on Bacon Street was just sold for $1.86 million. And it's unfortunate what will probably happen next.
It's vacant and 2175-77 Bacon St., is slated to be torn down. Among its multiple units, is a two-bedroom/one-bath unit and a studio. It's unclear what the adjoining single-story building contains - or if it's even part of the sale.
Conor Brennan, senior vice president, investments in Marcus & Millichap’s San Diego Downtown office was quoted by Times of San Diego:
“The property was only on the market for nine days and we were able to secure a non-contingent, all-cash offer from a buyer with a strong history of performance in buying similar deals. This sale signifies a strong sentiment of buyers towards the return of lower interest rates in the near future.”
“The buyer has optimism for future rate cuts and low-rate conventional refinance upon completion of construction."
Now if someone could just translate that into English.