ACI Apartments is pleased to announce the recent sale of IB Villas, a 10 unit complex located in Imperial Beach, CA. The 7,284 square foot property, located at 584 11th Street, was sold by MC3 LLC of Del Mar for $2,135,000.
The Seller was represented by Mark Morgan of ACI. The Buyer, Vaerus Urban Designs LLC of Downtown San Diego, was represented by Peter Scepanovic of Colliers. The buyer intends to substantially upgrade the asset. The property was 100% occupied and officially marketed for sale for approximately 45 days.
The IB Villas Apartments consists of 5 – 1Bedroom /1Bath units and 5 – 2Bedroom/1Bath units plus a laundry room and is just minutes from downtown San Diego and Balboa Park. This property has the opportunity for increased rents. At time of sale the 1 Bedroom units were renting for $1,200 and the 2 Bedroom units were renting for $1,350.
IB Villas is located on a 12,354 square foot lot and sold for $213,500 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.8 and Capitalization Rate (CAP Rate) of 5.1%. Additionally the purchase price per square foot was $293.11. The property enjoys 17 parking spaces, laundry room, and balconies/patios for nearly every unit.
ACI is the most successful income property brokerage firm in the county since 1982. They specialize in apartment and investment property transactions, and have maintained a solid performance despite changing economic cycles. With an average of more than 140 closed escrows per year, ACI has closed more San Diego County income property escrows than any other firm in the county – that’s more properties than the number two and number three firms combined. Please visit us online at www.aciapartments.com