ACI Apartments is pleased to announce the recent sale of Talmadge Villas, an 8 unit complex in Talmadge, a neighborhood of San Diego, CA. The 9,374 square foot property, located at 4535 52nd Street, was purchased by Pacific Dwellings LLC for $2,600,000.
Dave Savage & Mark Morgan of ACI represented Bruce and Adriana Herstein, Sellers. The Buyer intends to substantially upgrade the asset. The Buyer was Pacific Dwellings LLC and was represented by Dave Plutner of DP Properties. The property was officially marketed for sale for approximately 335 days.
The Talmadge Villas Apartments consists of two 2 Bedroom /1.5 Bath, five 2 Bedroom/2 Bath units, and one 2 Bedroom / 2.5 Bath “owner’s unit” plus a detached laundry room and is just minutes from downtown San Diego and Balboa Park. The property was constructed in 1992 and built to condo specs. This property has the opportunity for increased rents. Talmadge Villas is located on a 7,238 square foot lot and sold for $325,000 per unit.
The value indicators at time of sale were: Gross Rent Multiplier (GRM) 17.1 and Capitalization Rate (CAP Rate) of 3.6%. Additionally the purchase price per square foot was $359.22. The rental rates for the 2 Bedroom / 2 Bath units at time of sale ranged from $1,400-$1,600 and averaged $1,500 per unit per month. The oversized owner’s unit was renting for $2,000 per month. The property features 9 garages, laundry room, fireplaces, vaulted ceilings, balconies/patios, and secured gated access.
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