Just Sold: 7 Units in Imperial Beach for $1,615,000

ACI Apartments is pleased to announce the recent sale of The Calla Avenue Apartments, a 7 unit complex located in the City of Imperial Beach, CA. The 6,200 square foot property, located at 777 Calla Avenue, was purchased for $1,615,000.

Mark Morgan of ACI Apartments represented the seller Calla Street Holdings LLC. The Buyers were William and Phyllis Foster and were represented by Brendan Flynn of South Coast Commercial.

The Calla Avenue Apartments, built in 1985, consists of one (1) 1 Bedroom / 1 Bath unit, five (5) large 2 Bedroom /1 Bath units and one (1) 3 Bedroom / 1 Bath house. The property is very well located in North Imperial Beach, just minutes from the Pacific Ocean, downtown San Diego, and Mission Valley. This property has the opportunity for increased rents.

The Calla Avenue Apartments, situated on a 10,200 square foot, lot sold for $230,714 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 16.6 and Capitalization Rate (CAP Rate) of 4.1%. Additionally the purchase price per square foot was $260.48. The rental rates at time of sale were considered low for the neighborhood at $950 for the 1 Bedroom / 1 Bath unit, $1,118 for the 2 Bedroom / 1 Bath units, and $1525 for the 3 Bedroom / 1 Bath house. The units are separately metered for water, gas, and electric. The property offers tenants patio yards, a laundry room, and 14 off-street parking spaces.

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.