The 44 Unit La Casita Apartments in La Mesa Sold for $7,350,000

February 22, 2017 – SAN DIEGO

The La Casita Apartments have been sold for $7,350,000. The Seller, Rodney A. Johnson of San Diego, was represented by Dave Savage of ACI Apartments. The buyer, Matt Rattner also based San Diego, was also represented by Dave Savage of ACI.

Located at 7130 Waite Drive, La Mesa, CA 91941 in the East County submarket of San Diego County, this 44 unit apartment complex offers tenants a pool, private patios, clubhouse, on-site parking, and communal laundry rooms. The property, constructed in 1963, was fully occupied at time of sale.

The La Casita Apartments have an average unit size of approximately 746 SF and consists of thirty-two (32) 2 Bedroom / 1Bath units renting from $1,265 – $1,325 and twelve (12) 1 Bedroom / 1 Bath units renting from $1,025-$1,075. The 32,800 square foot property is situated on a large 3.1 acre lot. The property sold for $167,045 per unit and $224.09 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 11.2 and CAP Rate = 5.2%. The rental rates for each unit were considered average for the area.

About ACI Apartments INC.

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