12 Units in San Diego for $1,750,000

SAN DIEGO - Feb. 19, 2015 - PRLog -- The 54th St. Apartments have been sold for $1,750,000. Located at 2959-2981 54th St. San Diego, CA 92105 in the burgeoning City Heights submarket of Central San Diego. This 12 unit apartment complex, constructed in 1958 and fully remodeled in 2014, offers tenants on-site parking and a communal laundry room. The property was completely upgraded with all new kitchens and bathrooms, new exterior paint, new roofs, and new dual paned windows. The property is made up of three 4-unit adjacent buildings. The 54th St. Apartments have an average unit size of approximately 780sf and consist of eight (8) 2 Bedroom / 1 Bath units and (4) 3 Bedroom / 1 Bath units on a 12,049 sf lot.

The property sold for $145,833 per unit and $186.96 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 10.4 and CAP Rate = 6.5%. The property was 100% occupied at time of sale. At close of escrow the rental rates averaged $1,095 for the 2 bedroom units and $1,295 for the 3 bedroom units. The seller was SDPB Holdings LLC and was represented by Alex Mickle of AVM Properties. The buyer was The Susan Dolkas Trust and was represented by Dave Savage of ACI Apartments.

For more information please contact:

Dave Savage at (619) 300-8090 or davesavage777@gmail.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.