ACI Apartments is pleased to announce the recent sale of The Casa Del Sol Apartments, a 20-unit complex located in the East County area of San Diego. The 15,362 square foot property, located at 922 S. Sunshine Ave. El Cajon, CA 92020 was purchased by Positive Investments for $4,650,000.
Dave Savage of ACI Apartments represented Positive Investments, the buyer. The Seller, 1 Hunter 1 Lake LLC was represented by Arjay Smith of West Harbor Real Estate Investments. The property was not officially marketed for sale.
The Casa Del Sol Apartments consists of 1 – Studio, 8 – 1 Bedroom /1 Bath units, 3 – 2 Bedroom / 1 Bath units, and 8 – 2 Bedroom / 1.5 Bath units and is located just 20 minutes from downtown San Diego and Balboa Park. Four of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
The Casa Del Sol Apartments are located on a 0.8-acre lot and sold for $232,500 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 14.2 and Capitalization Rate (CAP Rate) of 3.7%. Additionally, the purchase price per square foot was $297.47. The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $1,100-$1,300 and averaged $1,222 per unit per month. The rental rates for the 2 Bedroom / 1 Bath units at time of sale ranged from $1,300-$1,400 and averaged $1,362 per unit per month. The rental rates for the 2 Bedroom / 1.5 Bath units at time of sale ranged from $1,415-$1,700 and averaged $1,532 per unit per month. The property was 100% occupied at time of sale. The tenants at the property enjoy a community pool, balconies or patios, ample on-site parking, and an on-site laundry room.
Since 1982, ACI Apartments has been a leader in San Diego apartment investment. With over 148 years of combined leadership experience between its senior staff, ACI has helped countless clients reach their investing goals through billions in transaction revenue. Dave Savage has extensive East County experience having closed over 70 transactions there throughout his career. Please visit us online for more information at www.aciapartments.com