Our appraisal office recently appraised several apartment properties in central San Diego coastal areas. The statistical data supported using a vacancy allowance in the 2.5% to 3.5% range. Rental rates show continued growth and cap rates were in the 4.25% to 4.75% range for smaller income properties of newer construction. The asking rate statistics for San Diego County multi-family properties indicate that asking prices are on track to recover to 2007 prices in 2014.
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