SAN DIEGO, August 8, 2016 – ACI Apartments is pleased to announce the recent sale of The 50th St. Apartments, an 8 unit complex in the San Diego neighborhood of Talmadge. The property, situated on a 6,251 square foot lot at 4455 50th Street, was sold by Vaerus Ulfi Talmadge LLC of San Diego for $2,095,000.
The seller was represented by Mark Morgan of ACI, while the buyer, Eileen Wang of San Diego was represented by Rita Lancaster-Hannah from ACRE.
The property was recently fully renovated and refurbished in 2016 (constructed in 1972), and offers tenants on-site parking, 5 carports, 5 open parking spaces, communal laundry room & BBQ, bike rack, and secured gated access. The property also underwent a full $250,000 remodel with new kitchens, baths, flooring, interior paint, ceiling fans, fixtures, redwood design elements, fencing, lighting, concrete work, roof work, and drought tolerant landscaping.
The 50th St. Apartments had an average unit size of approximately 721 sf and consists of five (5) 2 Bedroom / 1Bath units renting from $1,695-$1,750 and three (3) 1 Bedroom / 1 Bath units renting from $1,395-$1,445. The property sold for $261,875 per unit and $361.21 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 13.5 and CAP Rate = 5.2%.
About ACI Apartments INC.
ACI is the most successful income property brokerage firm in the county since 1982. They specialize in apartment and investment property transactions, and have 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
San Diego, CA 92122
Phone (619) 299-3000
CalBRE# 01141809
ACI is compliant with the standards set by the National Assocation of Realtors