Sold: 14th Street Apartments in Imperial Beach

Below is a press release from April 24, 2014:


Date of Closing – 4/23/2014

The 14th Street Apartments, an 8-unit apartment building, located at 1430 14th Street in Imperial Beach, CA 91932 has been sold for $1,200,000.

The 14th Street Apartments were built in 1970 on a 10,018 square foot parcel. The unit mix consisted of 4 – 1Br/1Ba units and 4 – 2Br/1Ba units. The average current rental rates were $850 for the 1 Bedroom units and $1,081 for the 2 Bedroom units at time of sale. The property sold with a GRM of 12.7 and a CAP rate of 4.5%.  The property was 100% occupied at time of sale.

The seller was Charles Kreutzkamp.

The seller was represented by Dave Savage of ACI Apartments.

The buyers were Samuel and Sara Zands.

Russ McKee of McKee Asset Management represented the buyers in this transaction.