8 Units in North Park Sold for $2,000,000

SAN DIEGO - Oct. 27, 2014 - PRLog -- The Utah St. Apartments have been sold for $2,000,000. Located at 4135 Utah St. San Diego, CA 92104 in the burgeoning North Park submarket of Central San Diego. This 8 unit apartment complex, constructed in 1962 and fully remodeled in 2014, offers tenants on-site parking, communal laundry room, and secured gated access. The property was completely upgraded with all new interiors (new kitchens, cabinets, hardwood floors, bathrooms, heaters, paint, lighting, appliances, etc) new exterior paint, new drought tolerant landscaping, new hardscape, new exterior modern treatments, new doors, new modern fencing, and new dual paned windows. An elaborate modern concrete BBQ island with modern wooden cantilever shade was added for the tenants use.

The Utah St. Apartments have an average unit size of approximately 784sf and consist of six (6) 2 Bedroom / 1Bath units, two (2) 1 Bedroom / 1 Bath units on a 7,000 sf lot.  The property sold for $250,000 per unit and $318.88 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 12.6 and CAP Rate = 5.5%. The property was 100% occupied at time of sale. At close of escrow the rental rates averaged $1,325 for the 1 bedroom units and $1,745 for the 2 bedroom units.

The seller was Vaerus Homes LLC and was represented by Mark Morgan of ACI Apartments. The buyer was Thomas McLain and was represented by Anton Burman of ACI Apartments.

For more information please contact:

Mark Morgan at (619) 300-9070
markmorgan@aciapartments.com

Anton Burman at (619) 955-0513
antonburman@aciapartments.com

Since 1982, Apartment Consultants Inc. (ACI) has been helping investors build wealth through innovative, proven apartment investing strategies. In the last two decades, ACI has closed more San Diego County income property escrows than any other firm.