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2/13/19
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A 20-unit apartment complex in San Diego’s City Heights neighborhood sold for $2.5 mil, or $125k/unit. The 11.9k sf property is situated on a 23k sf lot at 4348 53rd St, east of I-15 and just south of El Cajon Blvd.
Constructed in 1979, the property consists of a unit mix of four two-bedroom/one-bath units, along with 16 one-bedroom/one-bath units. The asset was converted from a market-rate property to an affordable housing project in 2014, with rents restricted to 60% of AMI on a 55-year term.
Due to being situated on a large lot, tenants enjoy allowances for 1:1 parking on 23 surface spaces. Tenants also enjoy a gated courtyard, common laundry facility, and off-street parking.
Some of the units offer vaulted ceilings, have updated kitchens and bathrooms, as well as vinyl plank flooring. The centrally located complex has superior proximity to vital community installations including the Copley-Price Family YMCA, The Grocery Outlet, Horace Mann Middle School, and Herbert Hoover High School.
Ricardo Lopez of ACI Apartments represented the seller, City Heights Community Development Corp. The buyer, Christopher Blatt, was repped by Benn Vogelsang of South Coast Commercial.
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