SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of 4424 51st Street, an 11 unit apartment complex recently refurbished with dark wood façade and a gated entrance located in the San Diego neighborhood of Talmadge.
The building is situated along 51st Street, just north of El Cajon Blvd. The property is located just a short drive from San Diego State University. Shopping and dining option are available along El Cajon Blvd, with recreation available to the south toward the City of San Diego.
The property was sold by Vaerus Ulfi 51st Street LLC of San Diego for $2,930,000.
The seller was represented by Mark Morgan of ACI, while the buyer, Van Dyke Investments LLC also from San Diego was represented by Michael McCaffery of Carrington Real Estate and Daniella Wiseman of HomeSmart Realty West.
This 11 unit apartment complex was completely refurbished in 2016 (constructed in 1965), and offers tenants on-site parking, 3 garages, 8 open parking spaces, communal laundry room & BBQ, bike rack, and secured gated access. The property underwent a full $400,000 remodel in 2016 with new kitchens, baths, flooring, interior paint, ceiling fans, fixtures, redwood design elements, fencing, lighting, concrete work, roof work, and drought tolerant landscaping. The 51st St. Apartments have an average unit size of approximately 767 sf and consist of one (1) 2 Bedroom / 2 Bath, six (6) 2 Bedroom / 1 Bath, and four (4) 1 Bedroom / 1 Bath units situated on a 9,374 square foot lot. The property sold for $266,364 per unit and $347.16 per square foot. The value indicators at time of sale were Gross Rent Multiplier at 13.4 and CAP Rate at 5.2%.
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, Mark Morgan can be reached at 619-725-3636 / markmorgan@aciapartments.com