Construction Planned on Ocean Beach Residential Site After $1.86 Million Sale

A small apartment building in Ocean Beach has been sold for $1.86 million, a brokerage announced.

The vacant property, located at 2175-77 Bacon St., is slated to be torn down. It includes multiple units, among them a two-bedroom/one-bath unit and a studio.

"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," said Conor Brennan, senior vice president, investments in Marcus & Millichap's San Diego Downtown office. "This sale signifies a strong sentiment of buyers towards the return of lower interest rates in the near future."

The seller, Neil Family Trust, was represented by Kim Howard with Horizon Real Estate. The buyer, 2175 Bacon St San Diego, LLC, was procured by Brennan.

"The buyer has optimism for future rate cuts and low-rate conventional refinance upon completion of construction," he said.