12 Units in Imperial Beach Sold for $1,915,000

SAN DIEGO, March 31, 2016 – ACI Apartments is pleased to announce the recent sale of Shamrock Landing, a 12 unit complex located in Imperial Beach, CA. The 8,324 square foot property, located at 1193 Florence Street, was purchased by Mar City III LLC for $1,915,000.

Mark Morgan of ACI represented Mar City III LLC, Buyer. The Del Mar based Buyer intends to substantially upgrade the asset. The Imperial Beach based Seller was James O’Keefe and was represented by Michael Boyd of Coldwell Banker.

The Shamrock Landing 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 Shamrock Landing Apartments, constructed in 1957, are located on a 9,000 square foot lot sold for $159,583 per unit.  The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 13.2 and Capitalization Rate (CAP Rate) of 4.9%.  Additionally the purchase price per square foot was $230.00.  The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $850-$950 and $1,025-$1,100 and were considered low for the area.  There were no units vacant at time of sale.  The property is gated with a community laundry room and a large common patio.

About ACI Apartments INC.

ACI is the most successful income property brokerage firm in the county. Since 1982, they have specialized in apartment and investment property transactions, and 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