ACI Apartments is pleased to announce the recent sale of The Olive Avenue Apartments, a 50-unit complex located in the Lemon Grove area of San Diego. The 39,840 square foot property, located at 3240 Olive Street Lemon Grove, CA 91945 was purchased by 3240 Olive Property LLC for $10,650,000.
Dave Savage of ACI Apartments represented the seller, Dego Inc.. The Buyer intends to substantially upgrade the asset. The Buyer was 3240 Olive Property LLC and was represented by Yvonne Oberle of Willis Allen La Jolla. The property was officially marketed for sale for approximately 35 days.
The Olive Avenue Apartments consists of 34 – 1 Bedroom /1 Bath units and 16 – 2 Bedroom / 1 Bath units and is located just minutes from downtown San Diego and Balboa Park. 15 of the units have substantially upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
The Olive Avenue Apartments are located on a 1.74-acre lot in the City of Lemon Grove and sold for $213,000 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.8 and Capitalization Rate (CAP Rate) of 5.1%. Additionally, the purchase price per square foot was $267.32. The rental rates for the 1 Bedroom / 1 Bath units at time of sale averaged $1,240 per unit per month. The rental rates for the 2 Bedroom / 1 Bath units at time of sale averaged $1,522 per unit per month. There was one unit vacant at time of sale that was being renovated. The property enjoys a gated entrance, pool, gated ample on-site parking, and a spacious laundry room.
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