100-YEAR-OLD MIXED-USE PROPERTY IN NORTH PARK SOLD
June 10, 2025
A 19,670-square-foot mixed-use property in North Park has been sold for $5,86 million, according to a brokerage.
The property, located at 2525 University Ave., consists of 12 residential units and five commercial spaces on a 12,452-square-foot lot. The residential component includes a mix of one studio, nine one-bedroom units and two two-bedroom units.
The commercial spaces also benefit from high visibility along University, near restaurants, boutiques and entertainment venues.
Originally built in 1925, the asset blends strategic renovations and lease-up strategies, but as an older masonry building also has notable deferred maintenance, presenting challenges for the average investor.
The unnamed buyer has holdings in the area in North Park and is already familiar with the architectural style, the rental market and the nuances of older urban assets, Marcus & Millichap said in a news release.
“By proactively presenting the opportunity in a way that emphasized both its income potential and future upside, our team was able to overcome concerns around maintenance and seismic retrofitting,” said Aaron Bove, senior managing director investments in the firm’s San Diego Del Mar office. “This collaboration demonstrates how nuanced product specialization and local expertise can make the difference in navigating complex sales and aligning the right opportunity with the right buyer.”