SAN DIEGO, CA - ACI Apartments is pleased to announce the sale of the Imperial Beach Villas, a 12 unit apartment complex located at 1193 Florence Street in the San Diego neighborhood of Imperial Beach. The building is located at the corner of Florence Street and Fern Avenue with a back alleyway access at Fern Avenue in the South and the eastbound lane of Imperial Beach Blvd to the North.
The property was sold by Mar City III LLC of Del Mar for $2,547,272.
The seller was represented by Mark Morgan of ACI, while the buyer, Newport Beach based 1193 Florence LLC was represented by Yvonne Oberle of Willis Allen Real Estate.
The Imperial Beach Villas consists of 5 - 1 Bedroom / 1 Bath units and 7 - 2 Bedroom /1 Bath units plus laundry room and is just minutes from the beach, downtown San Diego, and Balboa Park. The owner had just completed a $125,000+ renovation prior to the sale of the property. The renovation included a new roof, new dual paned windows, new interior and exterior paint, new kitchens, new appliances, new baths, and new flooring in most units.
The Imperial Beach Villas, constructed in 1960, are located on a 9,000 square foot lot sold for $212,273 per unit. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.7 and Capitalization Rate (CAP Rate) of 5.3%. Additionally the purchase price per square foot was $306.02. The rental rates for the 1 Bedroom / 1 Bath units at time of sale ranged from $1,200-$1,250 and $1,350-$1,550 for the 2 Bedroom / 1 Bath units and were considered average for the area. There were no units vacant at time of sale. The property is gated with a community laundry room and a large common patio.
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