Just Sold – 5 Units in Oceanside for $1,075,000

  • Front of a multifamily property in San Diego
  • Front of a multifamily property in San Diego
  • Front of a multifamily property in San Diego

SAN DIEGO, March 9, 2016 – ACI Apartments is pleased to announce the recent sale of a 5 unit complex located in Oceanside, CA. The 2,500 square foot property, located at 118 S. Tremont St, was purchased by John & Peggy Hook for $1,075,000.

Mark Morgan of ACI represented the San Diego based seller, Blue Sky Partners LLC, the San Juan Capistrano based buyers were John & Peggy Hook and were represented by Kimberly Powell of Sun-West Properties.

The unique property consists of five 1bd/1ba units and is located 5 blocks from the Pacific Ocean.  The gated property features a laundry room, bike room, central BBQ courtyard, and four garages.  The recently renovated interiors feature a large kitchen with dining area, living room, ample sized bedroom and a full size bathroom.
The five beach area units are located on a 5,000 square foot lot sold for $215,000 per unit.  The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 14.5 and Capitalization Rate (CAP Rate) of 3.8%.  Additionally the purchase price per square foot was $430.00.  The rental rates for the 500 square foot 1 Bedroom / 1 Bath units at time of sale ranged from $1,050-$1,300 and were considered low for the area.

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