SAN DIEGO, CA - ACI Apartments is pleased to announce the sale 360 North 1st Street, a 56 unit apartment complex located in the El Cajon. The building is situated along North 1st Street with an intersection with E Madison Ave to the north.
The property was sold by Pinnacle Heritage LLC for $12,950,000.
The seller was represented by Arby Eivazian of ACI Apartments. The buyer, A.L. Group, LLC was also represented by Arby.
At time of sale, the property boasted a Cap Rate of 5.28% and a GRM of 12.03. Built in 1973 and thoroughly remodeled from the studs in 2009, all units have washer/dryers, central air-conditioning, granite counters and vanities, dual-pane windows, mounted microwaves, and stainless-steel appliances. There are 89 parking spaces. In addition, the buildings have pitched roofs, a BBQ area, a swimming pool and gated entry.
Located just south of the intersection between North 1st Street and East Madison Ave, the property is only a few blocks from the I-8 freeway providing easy access to San Diego as well as local shopping and culinary options in El Cajon.
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, Arby Eivazian can be reached at 619-990-4436 or arbyACI@gmail.com