Sold: 8-Unit Complex on Utah Street in North Park

Below is a press release from May 1, 2014:

JUST SOLD – 8 UNITS IN NORTHPARK FOR $1,370,000

Located at 4135 Utah St. San Diego, CA 92104 in the burgeoning North Park sub-market of Central San Diego, the 8-unit apartment complex has been sold for $1,370,000. Constructed in 1962, the property offers tenants on-site parking, communal laundry room, and secured gated access. The property was recently upgraded with new paint, new roof, and new dual paned windows. The Utah St. Apartments have an average unit size of approximately 784 sf and consist of six (6) 2 Bedroom / 1 Bath units, two (2) 1 Bedroom / 1 Bath units on a 7,000 sf lot. The property sold for $171,250 per unit and $218.43 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 13.5 and CAP Rate = 4.5%.  The property was 100% occupied at time of sale and not officially listed for sale. The seller was Logan Family Properties and was self-represented. The buyer was Vaerus Homes LLC and was represented by Mark Morgan of ACI Apartments.

For more information, please contact Mark Morgan at (619) 300-9070, markmorgan@aciapartments.com

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm.

Visit us online at: http://www.aciapartments.com