SAN DIEGO, September 8, 2016 – ACI Apartments is pleased to announce the recent sale of a 10 unit complex in University Heights, a neighborhood in San Diego, CA. The property situated on two parcels with a total square footage of 13,992 at 4521 & 4525 Park Blvd, was purchased by Urban on Park, LLC of San Diego for $2,414,000.
The buyer was represented by Brian Raynoha of ACI, and the seller, Chika Revocable Trust, also of San Diego was represented by Richard Elias of Century 21 Award.
4521& 4525 Park Blvd had a 4 % Cap rate based on actual income. The property has seven garages and onsite parking. One parcel is comprised of four- 1 bed 1 bath cottages. The other parcel is a complex; constructed in 1989, comprised of one- 2 bed 1 bath unit with a large basement, two – 2 bed 2 bath units, three- 2 bedroom 1 bath units and a flex office suite, totaling 4,996 square feet of rentable square feet. The property has incredible upside potential and the owners intend to extensively renovate in the future. The Buyer’s property manager Stella Maris Real Estate of North Park will be overseeing the extensive capital improvements.
The property is located in the center of University Heights, where tenants are within walking distance to Trolley Barn Park, restaurants, shopping, and coffee shops.
About ACI Apartments INC.
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
San Diego, CA 92122
Phone (619) 299-3000
CalBRE# 01141809
ACI is compliant with the standards set by the National Assocation of Realtors