Just Sold: 8 Units in Kensington for $1,315,000

  • Front of a multifamily property on Marlborough in San Diego

Below is a press release from August 7, 2015:

ACI Apartments is pleased to announce the recent sale of The Marlborough Apartments, an 8-unit complex located in the Kensington neighborhood of San Diego, CA. The 5,400 square foot property, located at 4342 Marlborough Ave., was purchased by Vaerus Urban Lifestyles LLC for $1,315,000.

Mark Morgan of ACI represented Vaerus Urban Lifestyles LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Bettie Vasey and was represented by Doug Taber of ARG.

The Marlborough Apartments consists of three (3) large 2 Bedroom /1 Bath units and five (5) 1 Bedroom / 1 Bath units. The property is very well located in Kensington, just minutes from downtown San Diego and Mission Valley. This property has the opportunity for increased rents.

The Marlborough Apartments situated on a 6,247 square foot lot sold for $164,375 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 15.7 and Capitalization Rate (CAP Rate) of 3.2%. Additionally the purchase price per square foot was $243.52. The rental rates at time of sale were extremely low and averaged only $950 for the 2 Bedroom / 1 Bath units, and $670 for the 1 Bedroom / 1 Bath units. There was 1 unit vacant at the time of sale. The property offers tenants a laundry room, gated access, four garages, and four 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.