Just Sold: 44 Apartment Units in Imperial Beach for $6,000,000

SAN DIEGO - May 8, 2015 - PRLog -- The Imperial Crest Apartments have been sold for $6,000,000. Located at 1030-1042 15th St. Imperial Beach, CA 92154 in the South Bay submarket of San Diego County. This 44 unit apartment complex constructed in 1975, offers tenants on-site parking, communal laundry room, and secured gated access. The property was fully occupied at time of sale.

The Imperial Crest Apartments have an average unit size of approximately 746 sf and consist of eighteen (18) 2 Bedroom / 1Bath units and twenty six (26) 1 Bedroom / 1 Bath units on a 47,044  sf lot. The property sold for $136,364 per unit and $182.72  per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 13.0 and CAP Rate = 4.4%. The rental rates for each unit were considered low for the area. At close of escrow the rental rates averaged $795 for the 1 bedroom units and $950 for the 2 bedroom units.

The seller was Imperial Crest Apartments II LLC and was represented by Anton Burman of ACI Apartments. The buyer was Rodney A. Johnson and was represented by Dave Savage of ACI Apartments.

For more information please contact:

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.