SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of 4639 Pico Street, a 17 unit, two story apartment property asset located in San Diego’s Pacific Beach neighborhood.
The building is situated along Pico Street near an intersection with Felspar Street just north of Garnet Avenue. The property is located only a short distance from the I-5 San Diego Freeway and is a brief drive away from the area shops, restaurants, and the Pacific Ocean.
The property was purchased by Silver Property Investments, LLC of La Palma led by Neel Puhara for $4,650,000.
The buyer was represented by Anton Burman of ACI, while the seller, 4639 Pico Street LLC of San Diego was represented by Steven Parikh of S. Parikh.
The property is located in an area of Pacific Beach surrounded by single family and condominium properties with easy access to the I-5 Freeway. The unit mix consists of Eight 1 Bedroom/1 Bathroom, five 2 Bedroom/1 Bathroom, and two 3 Bedroom/1 Bathroom units along with two studios. At time of sale, the property had a Cap rate of 3.55% along with a GRM of 15.87. The purchase was made all cash. The property has private gate access to the Rose Creek nature trail at the rear of the property.
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, Anton Burman can be reached at 619-725-3676 or via email at apartmentanton@gmail.com