Just Sold: 5 Units in Hillcrest for $1,300,000

ACI Apartments is pleased to announce the recent sale of a 5 unit apartment complex located in Hillcrest, an upscale neighborhood in the San Diego metro area. The 3,440 square foot property, located at 2926 5th Avenue, was purchased by Ohio St. Villas LLC for $1,300,000.

Mark Morgan and Dave Savage of ACI represented Ohio St. Villas LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was CA Shores Real Estate LLC and was self represented. The property was not officially marketed for sale.

The Spanish Style Apartments constructed in 1936 consists of 4 large 1 Bedroom /1 Bath units, 1 large 2 Bedroom / 1 Bath unit, onsite parking, plus 4 garages and is located just 1 block from Balboa Park and 5 minutes from downtown San Diego. The classic units have built-ins, original hardwood floors, coved ceilings, and original maple doors. This property has the opportunity for increased rents.

The 5th Avenue Apartments located on a 5,001 square foot lot sold for $260,000 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 16.0 and Capitalization Rate (CAP Rate) of 4.2%. Additionally the purchase price per square foot was $377.91. The rental rates for the 1 Bedroom / 1 Bath units at time of sale were $1,200 and the 2 Bedroom /1 Bath unit was rented for $1,350 and were considered low for the area. There was one unit vacant at time of sale. The property enjoys on-site parking, 4 garages, and is in a prime central metro location.

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.