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Apartment complex in Imperial Beach sold

The 14th Street Apartments, an eight-unit apartment at 1430 14th St., Imperial Beach 91932, has been sold for $1.2 million.

The buyers were Samuel and Sara Zands, 6334 Lourds Terrace, San Diego 92120.

The acquisition was financed with a loan of $750,000 from JPMorgan Chase Bank (NYSE: JPM).

The seller of the property (633-221-09) was Charles Frederick Kreutzkamp, trustee of the Kreutzkamp 2000 Revocable Trust.

The apartment unit mix consists of four one-bedroom units and four two-bedroom/one-bathroom units, for a total of 12 bedrooms and eight baths.

The average current rental rates were $850 for the one-bedroom units and $1,081 for the two-bedroom units at time of sale.

The property was 100 percent occupied at time of sale and sold with a GRM of 12.7 and a CAP rate of 4.5 percent.

The seller was represented by Dave Savage, of ACI Apartments. The buyers were represented by Russ McKee, of McKee Asset Management.

The approximately 7,098-square-foot apartment was built in 1970 on a 10,018 square foot lot.

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