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Are you sure that was an arm’s length transaction? This one just closed on the same street and was much smaller (but probably in better condition.
http://www.sdlookup.com/MLS-090064360-5359_Channing_St_San_Diego_CA_92117
Wow, $2000-$2500 a month for that! I think that is way too high for that these days based on what I am seeing rent in my area.