ACI Apartments is pleased to announce a Kensington area apartment transaction for The Van Dyke Apartments, an 8 unit complex located in San Diego, CA. The 5,616 square foot property, located at 4344 Van Dyke Ave., was purchased by Dr. Xiaowu Liang of San Diego for $2,295,000.
Mark Morgan of ACI represented the seller Vaerus Van Dyke LLC also of San Diego. The Buyer was represented by John Ronis and Jose Magadan of Berkshire Hathaway.
The Spanish style property had just undergone a major $250,000+ renovation in early 2016. The renovation included all brand new interiors featuring new wood laminate flooring, quartz countertops, new kitchen cabinets, new stainless steel GE appliances, new tile bathrooms, new glass shower doors, new bathroom fixtures, new baseboards, new paint, and new interior lighting. The exterior underwent an impressive makeover from standard apartment building to Spanish hacienda. The exterior improvements included all new front facade, new vintage Spanish doors and gate, terracotta tile in the courtyard, new BBQ, new storage locker area for tenants, new exterior lighting, new paint, and new laundry equipment.
The Van Dyke Apartments consists of three (3) large 2 Bedroom /1 Bath units and five (5) 1 Bedroom / 1 Bath units. The property is very well located in Kensington, just minutes from downtown San Diego and Mission Valley.
The Van Dyke Apartments situated on a 6,247 square foot lot sold for $286,875 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 14.1 and Capitalization Rate (CAP Rate) of 4.8%. Additionally the purchase price per square foot was $408.65. The rental rates at time of sale averaged $1,888 for the 2 Bedroom / 1 Bath units, and $1,553 for the 1 Bedroom / 1 Bath. There were no vacancies at the time of sale. The property offers tenants a laundry room, gated access, and on-site parking.
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.