Just Sold - 8 Units in Kensington for $1,400,000

SAN DIEGO - July 22, 2015 - PRLog -- ACI Apartments is pleased to announce the recent sale of The Van Dyke Apartments, an 8 unit complex located in the Kensington neighborhood of San Diego, CA. The 5,616 square foot property, located at 4344 Van Dyke Ave., was purchased by Vaerus Urban Lifestyles LLC for $1,400,000.

Mark Morgan of ACI represented Vaerus Urban Lifestyles LLC, Buyer. The Buyer intends to substantially upgrade the asset. The Seller was Terry Taylor of ACI and was self represented. The property was not officially marketed for sale.

The Van Dyke Apartments consists of three (3) large 2 Bedroom /1 Bath units and five (5) 1 Bedroom / 1 Bath units.  The property is very well located in Kensington, just minutes from downtown San Diego and Mission Valley. This property has the opportunity for increased rents.

The Van Dyke Apartments situated on a 6,247 square foot lot sold for $175,000  per unit. The value indicators at time of sale were:  Gross Rent Multiplier (GRM) 15.1 and Capitalization Rate (CAP Rate) of 3.6%. Additionally the purchase price per square foot was $249.29. The rental rates at time of sale averaged $1,065 for the 2 Bedroom / 1  Bath units, and $890 for the 1 Bedroom / 1 Bath units and were considered low for the area. There were no vacancies  at the time of sale.  The property offers tenants a laundry room, gated access, and on-site parking.

ACI is the most successful income property brokerage firm in the county. Since 1982, they have specialized in apartment and investment property transactions, and maintained a solid performance despite changing economic cycles. With an average of more than 140 closed escrows per year, ACI has closed more San Diego County income property escrows than any other firm in the county – that’s more properties than the number two and number three firms combined.

For more information, please contact:

Mark Morgan

619-300-9070

markmorgan@aciapartments.com