Just Sold – 4 Units in Imperial Beach for $810,000

SAN DIEGO – February 22, 2016 – ACI Apartments is pleased to announce the recent sale of a 4 unit complex located in Imperial Beach, CA. The 3,360 square foot property, located at 901 Florida St. / 1171 Elm Ave.  Imperial Beach, CA 91932, was purchased by Kevin Lyons of Sorrento Valley for $810,000.

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

The apartments consist of 4 large 2 Bedroom /1 Bath units with private backyards.  The tenants enjoy washer/dryer hookups, on-site parking, and large front and back yards.  This property has the opportunity for increased rents.

The two duplexes sold together, located on a 13,068 square foot lot,  sold for $202,500 per unit.  The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 11.9 and Capitalization Rate (CAP Rate) of 4.9%.  Additionally the purchase price per square foot was $241.81.  The rental rates for the 800 square foot 2 Bedroom / 1 Bath units at time of sale ranged from $1,395-$1,495.  At time of sale one unit ($1,495) had been remodeled.  The property, constructed in 1972, was 100% occupied at time of sale.

About ACI Apartments INC.

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