ACI Apartments is pleased to announce the recent sale of a Single Tenant Retail building located in the San Diego neighborhood of City Heights. This 6,438 square foot property situated on a 9,258 square foot lot at 4604 University Avenue, was sold by JJYK LLC for $1,138,000.
The seller was represented by Arby Eivazian of ACI. The buyer, SRT Properties LLC was represented by Mark Morgan also from ACI.
The single tenant property, located at the intersection of 46th Street and University Avenue is a standalone corner building with 5 parking spaces plus one handicap space. The location has a Daily Traffic Count that exceeds 23,500 Vehicles Per Day (VPD) and potential customers can take advantage of many temporary 30-minute parking spaces.
At the time of sale, the current tenant utilizes the space as storage for an adjacent local business and holds a single net lease with a 3% annual rent increase. At the time of sale, the property had a Cap Rate of 6.13% and a 13.38 GRM.
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