ACI Apartments is pleased to announce the recent sale of IB Villas, a 12-unit complex located in Imperial Beach, CA. The 8,324 square foot property, located at 1193 Florence Street, was purchased by WAR Chest LP for $2,600,000.
Mark Morgan of ACI Apartments and Yvonne Oberle of Willis Allen represented the seller, 1193 Florence LLC. The San Diego based Buyer, WAR Chest LP intends to substantially upgrade the asset. The Buyer was represented by Adam Cairo and Seth Watje of South Coast Commercial.
The IB Villas Apartments consists of 5 – 1 Bedroom / 1 Bath units and 7 – 2 Bedroom /1 Bath units plus laundry room and is just minutes from the beach, downtown San Diego, and Balboa Park. Some of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
The IB Villas Apartments, constructed in 1957, are located on a 9,000 square foot lot sold for $216,667 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.0 and Capitalization Rate (CAP Rate) of 5.4%. Additionally, the purchase price per square foot was $312.00. The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $1,325-$1,450 and the 2 Bedroom / 1 Bath units ranged from $1,525-$1,695 and were considered low for the area. There were 2 units vacant at time of sale. The property is gated with a community laundry room and a large common patio.
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