6 Unit Multifamily Property in Hillcrest Sold for $2,525,000

SAN DIEGO – 1/25/2017

ACI Apartments is pleased to announce the recent sale of a 6 unit multifamily property in Hillcrest, a San Diego area neighborhood. The 6,537 square foot property situated at 4030 ½ and 4032 Georgia Street, was sold by The Demich Trust of San Diego for $2,525,000.

The seller was represented by Brian Raynoha of ACI, and the buyer, Jasper and Jeanette Sciuto Trust also from San Diego was represented by Peter Oriol of Advantage Real Estate.

The back portion of the building was built in 1990, with the front portion completed in 2005. The location consists of five 2 bedroom, 2 bathroom units along with a 1278 square foot 3 bedroom, 2 bathroom owners unit. The property has an additionally office-gym-bonus space complete with its own bathroom. Located just east of Park Blvd, the property is only a short distance from The Hub, Hillcrest’s local shopping center. The location also boasts close driving proximity to Balboa Park and other Downtown San Diego attractions.

The price per square foot for the property was calculated at $386 with a price per unit of $420,833.  Due to below market rents, the property closed at an actual Cap rate of 2.68% and Actual GRM of 20, whereas the market Cap and GRM are 14.28 & 4.66% respectively.

About ACI Apartments INC.

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