8 Apartment Units in Talmadge Sold for $1,253,000

Below is a press release from March 19, 2015:

SAN DIEGO — The 50th St. Apartments have been sold for $1,253,000. Located at 4455 50th St. San Diego, CA 92115 in the burgeoning Talmadge submarket of Central San Diego. This 8 unit apartment complex located north of El Cajon Blvd. and constructed in 1972, offers tenants on-site parking, 5 carports, 4 open parking spaces, communal laundry room, and secured gated access. The property was fully occupied at time of sale.

The 50th St. Apartments have an average unit size of approximately 721 sf and consist of five (5) 2 Bedroom / 1Bath units, three (3) 1 Bedroom / 1 Bath units on a 6,251 sf lot. The property sold for $156,625 per unit and $217.20 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 14.4 and CAP Rate = 4.0%. The rental rates for each unit were considered low for the area. At close of escrow the rental rates averaged $725 for the 1 bedroom units and $1,000 for the 2 bedroom units. The seller was the Webster Living Trust and was represented by Philip Buckley of CBRE. The buyer was Vaerus Urban Designs LLC and was represented by Mark Morgan of ACI Apartments.