Just Sold – 3 Units in Imperial Beach for $650,000

ACI Apartments is pleased to announce the recent sale of a 3 unit complex located in Imperial Beach, CA. The 2,136 square foot property, located at 955 Imperial Beach Blvd., was purchased by Fritz Neuman of Chula Vista for $650,000.

Mark Morgan & Dave Savage of ACI represented The Kreutzkamp Separate Property Trust based in Downtown San Diego was the Seller. The Buyer purchased the property all cash and was represented by Erick Sevilla of Keller Williams.

The apartments consist of 3 large 2 Bedroom /1 Bath units over a parking garage with two 2-car garages and 3 additional covered spaces, and a laundry room. This property has the opportunity for increased rents.
The IB Blvd Apartments, located on a 4,356 square foot lot, sold for $216,667 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 14.3 and Capitalization Rate (CAP Rate) of 4.3%. Additionally the purchase price per square foot was $270.83. The rental rates for the 712 square foot 2 Bedroom / 1 Bath units at time of sale ranged from $1,150-$1,295 and were considered low for the area. The property, constructed in 1984, was 100% occupied at time of sale. The tenants at the property enjoy garage parking, laundry room, and a 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.

Please visit us online at www.aciapartments.com