ACI Apartments is pleased to announce the recent sale of 4639 Pico Street, a 17 unit Pacific Beach Multifamily investment sold for $4,650,000. The propert was purchased by Silver Property Investments, LLC of La Palma led by Neel Pujara.
The buyer was represented by Anton Burman of ACI. The seller, 4639 Pico Street LLC of San Diego was represented by Steven Parikh of S. Parikh.
The property is located in an area of Pacific Beach surrounded by single family and condominium properties with easy access to the I-5 Freeway. The unit mix consists of Eight 1 Bedroom/1 Bathroom, five 2 Bedroom/1 Bathroom, and two 3 Bedroom/1 Bathroom units along with two studios. At time of sale, the property had a Cap rate of 3.55% along with a GRM of 15.87. The purchase was made all cash. The property has private gate access to the Rose Creek nature trail at the rear of the property.
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