5 Units in El Cajon Sold for $1,100,000

Below is a press release from September 22, 2015:

ACI Apartments is pleased to announce the recent sale of a 5 unit complex in the City of El Cajon. The 5,580 square foot property, located at 810 S. Magnolia Avenue, was purchased by John K. Fike for $1,100,000.

Terry Moore CCIM of ACI represented the Buyer, John K. Fike and the Seller, The Michael L. Chasin and Stacey L. Coleman, Trust. This is one of many transactions that Moore has done with the Seller and is part of a 1031 tax deferred exchange.

The pride of ownership building consists of one 2 bedroom 2 1/2 bath, four 3 bedroom 2 bath units and nine parking spaces. The Seller has done many upgrades in the last year so future maintenance should be low. This building is in the newest 4% of the county’s apartment buildings.

ACI is the most successful income property brokerage firm in the county. Since 1982, they have specialized in apartment and investment property transactions, and 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.