SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of the La Casita Apartments, a 44 unit La Mesa property located at 7130 Waite Drive. The investment property offers tenants a pool, private patios, a clubhouse, on-site parking, and communal laundry among its offerings.
The building is situated is situated near the intersections of Wait Drive and Violet Street to the West, and Waite Drive and Massachusetts Avenue to the East. Located just north of the Martin Luther King Jr Freeway (California State Route 94), the property is only a short drive away from the Grove Shopping Center, San Diego State Universiy, and San Diego’s local attractions.
The property was sold by Rodney A. Johnson of Mission Hills for $7,350,000.
The seller was represented by Dave Savage of Apartment Consultants, Inc. (ACI). This is the 24th transaction that Dave Savage has assisted Mr. Johnson and his trust in completing since 1999. The buyer, Matt Rattner also based in San Diego, was also represented by Dave Savage of ACI.
The La Casita Apartments have an average unit size of approximately 746 SF and consists of thirty-two (32) 2 Bedroom / 1Bath units renting from $1,265 - $1,325 and twelve (12) 1 Bedroom / 1 Bath units renting from $1,025-$1,075. The 32,800 square foot property is situated on a large 3.1 acre lot. The property sold for $167,045 per unit and $224.09 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 11.2 and CAP Rate = 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, Dave Savage can be reached at 619-497-6427 or via email at davesavage777@gmail.com