On the Market: 4 Interesting Listings for 2/12
This week's listings include two renovated downtown Baltimore historic buildings and a downtown Portland property that has never been on the market since it was constructed in 1949.
On the Market is a weekly department curating the most interesting recent for-sale CRE assets. If you have a residential real estate asset that you’d like to share with our readers, please email it to Associate Editor Tudor Scolca.
Price: Subject to Offer
Total Size: 172,246 square feet
Year Built: 1949
Binford Garden Townhomes is located near downtown Portland, at 6905 N.E. Hancock St., an area with almost no land sites similar in size. The low-density community features a mix of one-, two- and three-bedroom floorplans. Townhomes feature private courtyards and have a weighted average size of 1,057 square feet. Community residents have access to multiple transit routes, such as interstates 85, 205 and 5, light rail and bus stations. Investment incentives include the potential to raise rents, the potential to convert into condominiums and a strong resident base, backed by the metro’s historically low unemployment rate, at 3.9 percent.
Contact: HFO Investment Real Estate—Cody Hagerman, (503) 241-5541; Greg Frick, (503) 241-5541
The Charles Gateway Apartments
Location: Baltimore, two buildings at 300 & 330 N. Charles St.
Price: Subject to Offer, due 21 March
Units: 64 units and 5 retail spaces across both buildings
Building Size (combined): 75,333 square feet
Average Rent: 300 N. Charles – $1,304; 330 N. Charles – $1,372
Year Built: 1900
Both historical buildings received full gut renovations, with more than $500,000 invested by current ownership. The property at 300 N. Charles St. comprises 39 loft apartments and three retail spaces at ground level, which are fully occupied by Subway, 7-11 and Baltimore City Dental Group. The Professional Building, at 330 N. Charles St. features 25 apartments and two ground-level retail spaces, also fully occupied. Kitchens at 300 N. Charles can be upgraded, potentially improving rent premiums by about 15 percent. The downtown location, coupled with value-add strategies and the historic preservation of the two assets combine to form a good incentive for investment.
Contact: SVN REALSITE—Justin Verner, (410) 960-3962; Brooks Healy, (443) 523-6865
Location: Riverview, Fla.
Price: TBD, offered free and clear of debt
Net Rentable Area: 286,066 square feet
Year Built: 2017
The newly-built apartment community comprises one- two- and three-bedroom units which average 980 square feet in size and come with a sizable amenity package, which includes pet friendly spaces, clubhouse with lounge, fitness center, a coffee bar, summer kitchens, grilling stations and a salt water swimming pool. The location, at 9104 Canopy Oak Lane, provides immediate access to major connectors and points of interest. Median household income is at $76,200 within a one-mile radius, with major employers nearby, such as Sabal Park, USAA and an Amazon Fulfillment center.
Contact: JBM—Jonathan Barclay, (813) 812-5002; Claudia Raines, (813) 812-5003
Location: Newark, Del.
Price: Unpriced, offered free and clear of debt
Site Size: 18.4 acres
Year Built: 1992
Located less than one mile from the University of Delaware and the Newark Train Station, Christina Mill comprises 132 one-bedroom and 64 two-bedroom units, as well as 32 loft-style apartments with two bedrooms. The community has been institutionally owned since its construction and is subject to a complete renovation program—with premiums achieved accretive to cost at an average return on investment of 20 percent. The pro forma suggests that by continuing current renovations, new ownership will be able to increase in-place NOI by over 32 percent in four years. Christina Mill is near multiple mass transit options, as well as employment opportunities, like the University of Delaware’s STAR Campus.
Contact: Cushman & Wakefield—Karen Iman, (215) 963-4136; Katherine Schaad, (215) 963-4023
All images and information are property of the respective brokerage firms or broker. One image courtesy of Yardi Matrix.