870 Diamond St. San Diego, CA 92109

Summary

Located in Pacific Beach, 870 Diamond St., a twenty-two (22) unit apartment property comprised of thirteen (13) one-bedroom/one-bathroom units, three (3) one-bedroom/one-and-a-half-bathroom units, and six (6) two-bedroom/two-bathroom units, sold for Eleven Million Two Hundred and Fifty Thousand Dollars ($11,250,000).

This property sits just two blocks east of beach access to the Pacific Ocean, 5 blocks northeast of Crystal Pier, and within walking distance to the best PB shopping, dining and nightlife.  Held and well maintained by the family of the original, locally renowned architect/developer, Henry F. Bugenhagen, who built the three-story building in 1972, this was the first time the building has ever been sold. 

Joe Burrough of Palma Commercial was retained as the exclusive listing agent to handle the marketing and sale effort on behalf of the Seller, completed with the assistance of Palma agent Caitlyn de Wit.  Palma Commercial was instrumental in facilitating the seller financing component of the sale, ultimately landing within about five percent of the asking price, and closing escrow less than sixty (60) days after execution of the representation agreement.