ACI Apartments is pleased to announce the recent purchase of a 4-unit, cottage-style complex in the heart of Ocean Beach. The ~2,246 square foot property situated on an ~4,816 square foot lot at 4649-55 Muir Ave, was purchased by Mincks Family Trust 08-08-00 for $1,850,000.
The buyer was represented by Chris Siedenburg of ACI Apartments. The seller, Mills Trust 05-09-77 represented themselves. Escrow was handled by Teresa McElaney of Chicago Title and Title was handled by Debby Boyd of Fidelity National Title.
With this purchase, the Buyer completed their 1031 Exchange from the sale of their property in Normal Heights at 4775 Wilson Ave., thus adding two multi-family properties in Ocean Beach from the sale of one property in Normal Heights.
“Our clients have achieved their goal of moving their Real Estate asset to the coastal town of Ocean Beach” said Siedenburg, the buyers Broker, “They feel the long-term appreciation of the coastal communities is going to be the best place for their Real Estate equity to grow”.
Built in 1951, the property consists of two buildings. The unit mix consists of three (3) 1-bedroom units and one (1) 2-bedroom unit. The location is laid out with a single story, 2-unit building up front and a two-story building with two units above 4 garages in the back. Three of four units have received recent updates including new flooring, new kitchens, new windows, fresh paint, and more.
Since 1982, ACI Apartments has been a leader in San Diego apartment investment. With over 148 years of combined leadership experience between its senior staff, ACI has helped countless clients reach their investing goals through billions in transaction revenue. Please visit us online for more information at www.aciapartments.com