ACI Apartments is pleased to announce the recent sale of ‘The 14th Street Apartments’, a 5-unit complex located in Imperial Beach, CA 91932. The 4,007 square foot property, located at 1491 14th Street, was purchased by Patrick Doherty for $1,452,500.
Mark Morgan of ACI represented 1491 14th Street LLC, Seller. The Buyer was Patrick Doherty and was represented by Casey Young of Capital Real Estate Ventures Inc. The property was 100% occupied at time of sale.
The 14th Street Apartments consists of one 2 Bedroom /1 1/2 Bath unit and four 2 Bedroom / 1 Bath units. All 5 of the units have upgraded kitchens, baths, paint, and flooring. Parking consists of a 10-car parking garage. All units have washer/dryer hookups for the tenant’s convenience. This property has the opportunity for increased rents.
14th Street Apartments constructed in 1991 is located on a 6,098 square foot lot and sold for $290,500 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 15.4 and Capitalization Rate (CAP Rate) of 4.2%. Additionally, the purchase price per square foot was $362.49. The rental rates for the 2 Bedroom / 1 Bath units ranged from $1,565-$1,595 at time of sale.
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