Just Sold: 12 Units in Chula Vista for $2,100,000

The below press release is from May 19, 2015:

ACI Apartments is pleased to announce the recent sale of Oxford Villas, a 12 unit complex located in Chula Vista, CA. The 10,200 square foot property, located at 577 Oxford, was purchased by Muraoka Enterprises LLC for $2,100,000.

Mark Morgan of ACI represented Muraoka Enterprises LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Oxford Villas LP and was self represented. The property was not officially marketed for sale.

The Spanish style Oxford Villas Apartments consists of 12 large 2 Bedroom /1 Bath units plus a detached laundry room and is 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 Oxford Villas located on a 19,166 square foot lot sold for $175,000 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 11.5 and Capitalization Rate (CAP Rate) of 5.5%. Additionally the purchase price per square foot was $205.88. The rental rates for the 850 square foot 2 Bedroom / 1 Bath units at time of sale ranged from $1,095-$1,250 and were considered low for the area. There was one unit vacant at time of sale. The property enjoys gated parking, gated building, laundry room, and a large common patio.

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.