8 Units in Normal Heights Sold for $1,975,000

Below is a press release from May 28, 2015:

ACI Apartments is pleased to announce the recent sale of an 8 unit apartment complex located in Normal Heights, a burgeoning neighborhood in the San Diego metro area. The 5,169 square foot property, located at 4640 Bancroft St., was purchased by Wang’s Growth LLC for $1,975,000.

Mark Morgan of ACI Apartments represented Vaerus Utah LLC, Seller. The seller completely upgraded the complex with all new interiors (new kitchens, hardwood floors, bathrooms, heating, paint, lighting, appliances, etc) new exterior paint, new drought tolerant landscaping, new hardscape, new exterior modern treatments, new doors, and new modern fencing. A stainless steel BBQ was added for the tenants use. The property was not officially marketed for sale.

The Bancroft St. Apartments constructed in 1969 and consists of five (5) 1 Bedroom /1 Bath units, three (3) 2 Bedroom / 1 Bath units. The property offers tenants onsite open parking, 4 garages, communal laundry room, and secured intercom gated access. The Bancroft St. Apartments are very well located just 1 block from Adams Avenue, 5 minutes from Balboa Park and 10 minutes from downtown San Diego.

The Bancroft Street Apartments located on a 6,251 square foot lot sold for $246,875 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.7 and Capitalization Rate (CAP Rate) of 5.1%. Additionally the purchase price per square foot was $382.09. The rental rates for the 1 Bedroom / 1 Bath units at time of sale were $1,345 and the 2 Bedroom /1 Bath units was rented for $1,,745. The property was fully leased of sale. The property enjoys on-site parking, 4 garages, and is in a prime central metro location.

ACI is the most successful income property brokerage firm in the county. Since 1982, they have specialized in apartment and investment property transactions, and 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.