ACI Apartments is pleased to announce the recent sale of a 7-unit complex in the Pacific Beach neighborhood of San Diego. The 5,100 square foot property situated on a 6,250 square foot lot located at 1920 Felspar Street was purchased by Mr Metro Group LLC of San Diego for $2,500,000.
The buyer and seller were represented by Terry Moore CCIM of ACI. The property was sold by sellers, Linda Gelley Durst and Peggy Ann Gelley, as part of a 1031 tax deferred exchange. At time of sale, the property had a GRM of 18.48 and a CAP rate of 2.92%.
The superior unit mix property consists of one 2bd/2ba unit, two 2bd/1ba units and four 1bd/1ba units. There are two double car garages, three open parking spaces and is close to freeways and the beach. There is significant rent upside potential by making upgrades to the property.
ACI Apartments 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 Apartments 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