Just Sold – 10 Units in Imperial Beach for $1,650,000

SAN DIEGO, April 1, 2016 – ACI Apartments is pleased to announce the recent sale of 11th St. Apartments, a 10 unit complex located in north Imperial Beach, CA. The 7,284 square foot property, located at 584 11th Street, was purchased by Mar City III LLC for $1,650,000.

Mark Morgan of ACI Apartments represented Mar City III LLC, Buyer. The Del Mar based Buyer intends to substantially upgrade the asset. The Chula Vista based Seller was The Rivera Family Trust and was represented by Anton Burman also of ACI Apartments.

The 11th St. Apartments consists of 5 – 1 Bedroom / 1 Bath units and 5 –  2 Bedroom /1 Bath units plus laundry room and is just minutes from the beach, downtown San Diego, and Balboa Park. Some of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.

The 11th Street Apartments, constructed in 1970, are located on a 12,354 square foot lot sold for $165,000 per unit.  The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 12.4 and Capitalization Rate (CAP Rate) of 5.3%.  Additionally the purchase price per square foot was $226.42.  The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $900-$1,050 and $1,115-$1,225 and were considered low for the area.  There was one unit vacant at time of sale.  The property offers tenants balconies or patios and a  community laundry room.

About ACI Apartments INC.

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.  Please visit us online at www.aciapartments.com