Just Sold: 11 Units in Talmadge for $1,809,000

Below is a press release from June 22, 2015:

ACI Apartments is pleased to announce the recent sale of El Camino Apartments, an 11 unit complex located in the Talmadge neighborhood of San Diego, CA. The 8,240 square foot property, located at 4424 51st Street, was purchased by Vaerus Urban Lifestyles LLC for $1,809,000.

Mark Morgan of ACI represented Vaerus Urban Lifestyles LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Nancy Webb and was represented by John Morgan of Morgan Investment Real Estate. The property was not officially marketed for sale.

The El Camino Apartments consists of 6 large 2 Bedroom /1 Bath units , 1 large 2 Bedroom / 2 Bath unit, 4 1 Bedroom/1 Bath units, laundry room, 3 garages, and is just minutes from downtown San Diego and Mission Valley. Some of the units have upgraded kitchens, baths, and flooring. This property has the opportunity for increased rents.

The El Camino Apartments situated on a 9,374 square foot lot sold for $164,455 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.9 and Capitalization Rate (CAP Rate) of 4.4%. Additionally the purchase price per square foot was $219.54. The rental rates at time of sale ranged from $995-$1,075 for the 2 Bedroom / 1 Bath units, $1,250 for the 2 Bedroom / 2 Bath unit, and $795-$825 for the 1 Bedroom / 1 Bath units and were considered low for the area. There were no vacancies at the time of sale. The property enjoys gated intercom access, 3 garages, laundry room, and a large common patio.

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.