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4/05/16
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Shamrock Landing, a 12-unit res complex on a 9k sf lot in San Diego’s Imperial Beach area, sold for $1.915 mil ($16k/unit). The 8.3k sf property, located at 1193 Florence St, was acquired by Mar City III LLC.
Constructed in 1957, Shamrock Landing consists of five one-bedroom/one-bath units and seven two-bedroom/one-bath units plus a laundry room. It is situated just minutes from the beach, downtown San Diego, and Balboa Park. Some of the units have upgraded kitchens, baths, paint, and flooring. The property is gated with a community laundry room and a large common patio.
The property offers considerable upside for increased rents. The value indicators at time of sale were: Gross Rent Multiplier (GRM) 13.2 and Capitalization Rate (CAP Rate) of 4.9%. Additionally the purchase price per square foot was $230. Unit rental rates at time of sale ranged from $850 - $1,100 per month, considered low for the area. There were no units vacant at time of sale.
Mark Morgan of ACI represented the Del Mar-based buyer, who intends to substantially upgrade the asset. The Imperial Beach-based seller, James O'Keefe, was repped by Michael Boyd of Coldwell Banker.
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