SAN DIEGO – May 2, 2016 – ACI Apartments is pleased to announce the recent sale of a 5 unit complex in Imperial Beach. The 4,000 square foot property, located at 1491 14th Street, was purchased by LR Rentals LLC for $1,037,500.
The San Diego based seller, The Kreutzkamp Separate Property Trust was represented by Mark Morgan and Dave Savage of ACI Apartments. Yvonne Oberle of Willis Allen Real Estate represented the San Diego buyers, LR Rentals LLC.
The unique property consists of five large 2bd/1ba units and was constructed in 1991. The property was built above a ten space parking garage. The interiors feature a large modern open kitchen, dining areas, large living rooms, two ample sized bedrooms and a full size bathroom. The tenants enjoy washer/dryer hookups and private patios.
The 14th Street Apartments, constructed in 1991, are located on a 6,098 square foot lot sold for $207,500 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.8 and Capitalization Rate (CAP Rate) of 4.8%. Additionally the purchase price per square foot was $258.92. The rental rates for the 2 Bedroom / 1 Bath units at time of sale ranged from $1,200-$1,350 and were considered low for the area. There was one unit vacant at time of sale.
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
San Diego, CA 92122
Phone (619) 299-3000
CalBRE# 01141809
ACI is compliant with the standards set by the National Assocation of Realtors