SAN DIEGO, CA - ACI Apartments is pleased to announce the sale 1479-1485 Elder Avenue, a 38 unit complex located in the Imperial Beach, California for $6,720,000.
The building is situated between the intersections of Elder Ave and 15th Street, and Elder Ave and Georgia Street. The property is a few blocks south of Palm Avenue and is only a short drive from the I-5. The property was purchased by NEJ Properties LLC of La Jolla for $6,720,000.
Mark Morgan of ACI represented NEJ Properties LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Mar City III LLC of Del Mar and was also represented by Mark Morgan of ACI. The property was officially marketed for sale for approximately 35 days.
The IB Villas Apartments consists of 38 1 Bedroom /1 Bath units plus a detached laundry room and is just minutes from downtown San Diego and Balboa Park. 32 of the 38 of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
IB Villas is located on a 1.03 acre lot and sold for $176,842 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.3 and Capitalization Rate (CAP Rate) of 5.0%. Additionally the purchase price per square foot was $371.52. The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $1,100-$1,250 and averaged $1,190 per unit per month. There was one unit vacant at time of sale that was being renovated. The property enjoys 57 parking spaces, laundry room, and a large common patio. Established in 1982, Apartment Consultants, Inc. (ACI) is a multifamily brokerage firm that specializes in apartment and investment property transactions. We have maintained a solid performance despite changing economic cycles with an average of more than 140 closed escrows per year – that’s more properties than the number two and number three firms combined. Learn more about ACI at www.aciapartments.com
For more information about this transaction contact Mark Morgan at 619-300-9070 or markmorgan@aciapartments.com