ACI Apartments is pleased to announce the recent sale of a 30-unit multifamily complex in National City, California. The 22,360 square foot of rentable space across two properties situated on a 1.18-acre lot at 900 Manchester Street, was sold by KA Real Estate II LLC for $5,700,000.
The seller was represented by Anton Burman and Oskar Burman, both of ACI Apartments with acquisition and asset management provided by Eugene Marini. This is the 5th transaction that KA Real Estate II LLC has closed with ACI Apartments. The buyer, K&K Simpson Properties LLC was represented by Dave Plutner of DP Properties.
Consisting of 1960’s construction, 900 Manchester Street is located only a short drive from the I-805 Freeway and Downtown San Diego. The two-story, wood frame property’s unit mix includes sixteen (16) 2 Bedroom/1 Bathroom, eleven (11) 1 Bedroom/1 Bathroom units, and three (3) studio units. The location has a grand total of 32 parking spaces. A landscaped gated entry surrounding the property provides a private entry for tenants who can enjoy a pool and interior courtyard for social activity. At time of sale the property boasted a Cap Rate of 4.9% and a GRM of 12.31 (with one vacancy in total at close of escrow).
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