On the Market: 5 Interesting CRE Listings for the Week of 7/4
This week's listings include two unique student housing properties serving the University of Oregon and Appalachian State University.
On the Market is a new department curating the week’s most interesting for-sale CRE assets. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Mallory Bulman, Associate Editor.
TASC Building
Location:Â Phoenix, Ariz.
Offering Price: $1.1 million
Price/SF:Â $151.77
Cap Rate:Â 10.56 percent
Year Built: 1975
Features: Office building suited for adaptive reuse; central location in heart of Midtown on 7th Street; located half a mile from Phoenix Country Club and in close proximity to I-10 Freeway and Chase Field; mid-century modern architecture.
Contact: John Klocek, ABI Multifamily, 602-344-9258
Tierra del Rey Apartments
Location: La Mesa, Calif.
Offering Price: $11.8 million
Price/Unit: $148,000
Units:Â 80
Year Built: 1976
Features: Community amenities include a business center, picnic area, curbside trash pick-up, a clubhouse, game room, pool/spa, laundry facilities and a courtyard; unit amenities include air conditioning, cable ready , high-speed internet access, satellite TV, microwave, walk-in closets, ceiling fans and wheelchair-accessible rooms; located north of the 94 freeway, east of College Avenue and west of Massachusetts Avenue on Waite Drive, and within a 20 minute walk to transit; 109 parking spaces available, an averages of 1.4 spaces per unit.
Contact: Richard Snyder, R.A. Snyder Properties Inc., 619-297-0274
The Exchange
Location:Â Boone, N.C.
Offering Price: $5.4 million
Price/Unit:$302,222.22
Units: 18
Year Built: 2009 –Â 2012
Features: Student housing property located less than one mile from Appalachian State University; University housing accommodates only 5,600 of its 18,000 students, generating high demand for student housing; 72 beds distributed across 18 suites; property is 97 percent pre-leased for the 2016-17 academic year.
Contact: Greenspon Listings, Marcus & Millichap Real Estate Investment Services of North Carolina, 918-808-2801
Patterson House
Location: Eugene, Ore.
Offering Price: $3.1 million
Price/Unit:Â $122,692.31
Year Built: 2007
Units:Â 26
Features: Located in University District within walking to distance to University of Oregon campus; community amenities include secured front and rear entrance, secured parking garage and elevator from garage to the third floor, spacious apartments with full appliances including stack washer/dryer, most units have patios or decks.
Contact: Larry Von Klein, Von Klein & Associates, 451-485-6901
Home @ Uptown
Location:Â Albuquerque, N.M.
Offering Price: $3.4 million
Price/Unit: $44,155.84
Year Built:Â 1973
Units:Â 77
Features: Rare unit mix of studios, one-bedroom, two-bedroom and three-bedroom apartments; located in one of the highest-rent districts in the city; value-add opportunity with potential to command more than 20 percent more in rents; apartments individually metered for electricity and gas.
Contact:Â Erik Olson, CBRE, 505-837-4941
