SAN DIEGO, CA - ACI Apartments is pleased to announce the sale 584 11th Street, a 10 unit multifamily apartment property located in the San Diego neighborhood of Imperial Beach.
The building is situated at the intersection of 11th Street and Calla Avenue, with alleyway access to north of the intersection that connects 11th Street to 10th Street. The property is only a short distance from the Palm Center Shopping Center and Rose Teeple Memorial Park, and has accessibility to Palm Avenue to the south.
The property was sold by MC3 LLC of Del Mar for $2,135,000.
The seller was represented by Mark Morgan of ACI, while the buyer, Vaerus Urban Designs LLC from Downtown San Diego was represented by Peter Scepanovic of Colliers. The buyer intends to substantially upgrade the asset. The property was 100% occupied and officially marketed for sale for approximately 45 days.
The IB Villas Apartments consists of 5 - 1Bedroom /1Bath units and 5 – 2Bedroom/1Bath units plus a laundry room and is just minutes from downtown San Diego and Balboa Park. This property has the opportunity for increased rents. At time of sale the 1 Bedroom units were renting for $1,200 and the 2 Bedroom units were renting for $1,350.
IB Villas is located on a 12,354 square foot lot and sold for $213,500 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.8 and Capitalization Rate (CAP Rate) of 5.1%. Additionally the purchase price per square foot was $293.11. The property enjoys 17 parking spaces, laundry room, and balconies/patios for nearly every unit.
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 contact Mark Morgan at 619-300-9070 or markmorgan@aciapartments.com