SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of Talmadge Villas located 4535 52nd Street, an 8 units constructed in 1992 to condo specifications located in the San Diego neighborhood of Talmadge.
The building is situated along 52nd Street between intersections with Monroe Avenue to the south and Contour to the north. The property has an alleyway access for parking that can be accessed from both Contour Blvd and Monroe Avenue. The property has immediate access to El Cajon Blvd and is only a short distance from the Boulevard Mart Shopping Center, Horace Mann Middle School and many other Talmadge area locations.
The property was sold by Bruce and Adriana Herstein of for $2,600,000.
The sellers were represented by Dave Savage and Mark Morgan of ACI. The buyer, Pacific Dwellings LLC was represented by Dave Plutner of DP Properties.
The Talmadge Villas Apartments consists of two 2 Bedroom /1.5 Bath, five 2
Bedroom/2 Bath units, and one 2 Bedroom / 2.5 Bath "owner's unit" plus a detached laundry room and is just minutes from downtown San Diego and Balboa Park. The property was constructed in 1992 and built to condo specs. This property has the opportunity for increased rents. Talmadge Villas is located on a 7,238 square foot lot and sold for $325,000 per unit.
The value indicators at time of sale were: Gross Rent Multiplier (GRM) 17.1 and
Capitalization Rate (CAP Rate) of 3.6%. Additionally the purchase price per square foot was $359.22. The rental rates for the 2 Bedroom / 2 Bath units at time of sale ranged from $1,400-$1,600 and averaged $1,500 per unit per month. The oversized owner's unit was renting for $2,000 per month. The property features 9 garages, laundry room, fireplaces, vaulted ceilings, balconies/patios, and secured gated access.
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 619-300-8090 or via email at davesavage777@gmail.com