8 Units in Normal Heights Sold for $1,250,000

SAN DIEGO - Oct. 28, 2014 - PRLog -- The Bancroft St. Apartments have been sold for $1,250,000. Located at 4640 Bancroft St. San Diego, CA 921116 in the burgeoning Normal Heights submarket of Central San Diego. This 8 unit apartment complex, constructed in 1962 located just one block south of Adams Ave., offers tenants on-site parking, communal laundry room, four garages, and secured gated access. The property was partially upgraded with some new windows, new concrete hardscape, and new drought tolerant landscaping. The property was sold "As-Is" with deferred maintenance. The Bancroft St. Apartments have an average unit size of approximately 646 sf and consist of five (5) 1 Bedroom / 1 Bath units and three (3) 2 Bedroom / 1 Bath units on a 6,251 sf lot.

The property sold for $156,250 per unit and $241.83 per square foot. The value indicators at time of sale were: Gross Rent Multiplier = 13.6 and CAP Rate = 4.6%. The property had 2 units vacant at time of sale. At close of escrow the rental rates averaged $865 for the 1 bedroom units and $1,058 for the 2 bedroom units.

The seller was Thomas McLain and was represented by Anton Burman of ACI Apartments. The buyer was Vaerus Homes LLC and was represented by Mark Morgan of ACI Apartments.

For more information please contact:

Anton Burman at (619) 955-0513
antonburman@aciapartments.com

Mark Morgan at (619) 300-9070
markmorgan@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.