ACI Apartments is pleased to announce the recent sale of “The Heritage”, a 56-unit complex in the city of El Cajon. The 43,360 square foot property situated on a 69,983 square foot lot at 360 North 1st Street, was sold by the Pinnacle Heritage LLC for $12,950,000.
The seller was represented by Arby Eivazian of ACI Apartments. The buyer, A.L. Group, LLC was also represented by Arby.
At time of sale, the property boasted a Cap Rate of 5.28% and a GRM of 12.03. Built in 1973 and thoroughly remodeled from the studs in 2009, all units have washer/dryers, central air-conditioning, granite counters and vanities, dual-pane windows, mounted microwaves, and stainless-steel appliances. There are 89 parking spaces. In addition, the buildings have pitched roofs, a BBQ area, a swimming pool and gated entry.
Located just south of the intersection between North 1st Street and East Madison Ave, the property is only a few blocks from the I-8 freeway providing easy access to San Diego as well as local shopping and culinary options in El Cajon.
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