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Marcus & Millichap : Arranges the Sale of Coronado Carriage Quarters, a Two-Suite Luxury Vacation Rental in Coronado, California



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Marcus & Millichap Arranges the Sale of Coronado Carriage Quarters, a Two-Suite Luxury Vacation Rental in Coronado, California

November 07, 2022

CORONADO, Cali., November 7, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Coronado Carriage Quarters, a two-suite luxury vacation rental with future redevelopment potential. The asset sold for $8,028,000.

“This sale sets the record for the highest price per unit and highest price per square foot ever sold on Coronado Island,” says Connor Stolle, senior associate with Marcus & Millichap.

Stolle and Carson Trujillo, first vice president investments in the firm’s Downtown San Diego office, had the exclusive listing to market the property on behalf of the seller, a private trust. Maria Lopez and Ivan Kim-Fregoso represented the international cash buyer, Coronado Residences Hotel LLC.

“Coronado Carriage Quarters has a rare hotel/motel zoning designation enabling investors to capitalize on short term rentals in one of the top destinations for tourism in the United States. Anywhere on the Island outside of this zoning requires a 26-night minimum,” says Trujillo.

Coronado Carriage Quarters is located at 1113 Adella Avenue, just across the street from the world renown Hotel Del Coronado and the Pacific Ocean. This luxury property features two spacious residences: one (1) three-bedroom/three-bath and one (1) three-bedroom/one-and-one-half-bath. Each residence is located on its own floor and is rented fully furnished for guests. The property has been elegantly renovated with high end finishes and features a modern interior design. Guests enjoy access to a private communal courtyard, off street parking (five spaces), and central heating and air conditioning.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

Disclaimer

Marcus & Millichap Inc. published this content on 07 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 November 2022 22:47:25 UTC.

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Net income 2022 130 M

Net Debt 2022

P/E ratio 2022 10,8x
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