ACI Apartments is pleased to announce the recent sale of The Pacific Crest Apartments, a 44 unit complex located in the Imperial Beach area of San Diego. The 32,838 square foot property, located at 1030-1042 15th Street San Diego, CA 92154 was purchased by Del Coronado Villas LLC for $9,700,000.
Mark Morgan of ACI represented Del Coronado Villas LLC a Mar Group Company/ Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Rodney A. Johnson Trust and was represented by Dave Savage of ACI. The property was officially marketed for sale for approximately 35 days.
The Pacific Crest Apartments consists of 26 – 1 Bedroom /1 Bath units and 18 – 2 Bedroom / 1 Bath units and is located just minutes from downtown San Diego and Balboa Park. Many of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
The Pacific Crest Apartments are located on a 1.08 acre lot on the border of Imperial Beach and the City of San Diego and sold for $220,455 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.0 and Capitalization Rate (CAP Rate) of 4.5%. Additionally, the purchase price per square foot was $295.39. The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $1,250-$1,350 and averaged $1,306 per unit per month. The rental rates for the 2 Bedroom / 1 Bath units at time of sale ranged from $1,475-$1,550 and averaged $1,533 per unit per month. There was one unit vacant at time of sale that was being renovated. The property enjoys ample on-site parking, two laundry rooms, and two large common patios.
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