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9/20/17
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A 38-unit apartment complex known as IB Villas in Imperial Beach traded hands in a recent $6.7 mil deal ($176.3k/unit). The 18.1k sf property, situated on just over one acre at 1479-1485 Elder Ave, was purchased by NEJ Properties LLC of La Jolla.
The property consists of 38 one-bedroom/one-bath units plus a detached laundry room. It is situated just minutes from downtown San Diego and Balboa Park. Thirty-two of the 38 of the units have upgraded kitchens, baths, paint, and flooring. This property has the opportunity for increased rents.
The property offers 57 parking spaces, laundry room, and a large common patio. There was one unit vacant at time of sale that was being renovated.
Mark Morgan of ACI represented the buyer, NEJ Properties LLC, who plans to substantially upgrade the asset. The seller, Mar City III LLC of Del Mar, was also repped by Morgan.
The value indicators at time of sale were: Gross Rent Multiplier (GRM) 12.3 and Capitalization Rate (CAP Rate) of 5.0%. Additionally the purchase price per square foot was $371.52.
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