On the Market is a monthly department curating the most interesting recent 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 Associate Editor Tudor Scolca.
Location: Vancouver, B.C.
Number of Units: 18
Building Size: 12,000 square feet
Property Type: Multifamily
Year Built: 1948
Gwen-Lyn Manor is a three-story apartment community located in the Kitsilano neighborhood, at 2494 Cornwall Ave. The property is a co-operative multifamily residential building, which presents a good opportunity for conversion to rental or redevelopment. The current owner recently improved several interior and exterior aspects of the property, including a new water tank, exterior paint and a new fiber optics cable. The beach is within walking distance of the property, as are the multiple dining and shopping destinations on Yew Street. Downtown Vancouver is also minutes away.
Contact: Arash Rezai, Lee & Associates, (604) 630-3406
Location: Miami Beach, Fla.
Price: Pricing guidance is in the $5.6 million price range based upon recent trades and market capitalization rates
Number of Units: 16 market-rate units and four licensed Hotel Suite rentals
Building Size: 8,754 square feet
Average Unit Size: 437 square feet
Year Built: 1949
Highlights: Ocean Bay Apartments has undergone complete interior and exterior renovations, including a painted exterior, new windows, renovated bathrooms and kitchens and new laminate floors. The property also features a marina with available boat slip rentals. Situated in the North Beach neighborhood of Miami Beach, Ocean Bay Apartments offers residents quick access to multiple bars and restaurants overlooking Biscayne Bay, golf and country clubs and multiple entertainment venues.
Contact: Fernando Polanco, Greystone Real Estate Advisors, (305) 677-9917
Villa Nova Apartments
Location: San Diego
Price per Unit: $260,000
Number of Units: 25
Rentable: 16,487 square feet
The property comprises 16 two-bedroom and nine one-bedroom units. The low operating expenses and upside in rents can be an incentive for investment. Current ownership renovated and implemented new features, such as remodeled kitchens, bathrooms, windows, flooring and new furniture. Common amenities include a pool, laundry facilities, parking and proximity to the San Diego State University.
Contact: Lora Johnson, South Coast Commercial, (619) 226-6011, ext. 114
Location: Pembroke Pines, Fla.
Number of Units: 91
Building Size: 86,528 square feet
Average Unit Size: 959 square feet
Year Built: 1989
The Heron Pond apartment community comprises 304 units in total, of which 91 are for sale. This garden-style asset is in located in a highly dense urban center, with malls, restaurants and retailers within walking distance. Common amenities include a fitness center, tennis court, playground, swimming pools and spas.
Contact: Calum Weaver, Cushman & Wakefield, (954) 377-0517
Serrano Gardens Apartments
Location: Mesa, Ariz.
Price per Unit: $95,876
Year Built: 1973
Occupancy: 97 percent
Highlights: Serrano Gardens, located at 1915 E. Broadway Road, features one- and two-bedroom floorplans with an average size of 722 square feet. Common amenities include a playground, laundry facilities and 138 parking spaces. Units include tub and shower enclosures with ceramic tile and unitized fiberglass. Located on the southwest corner of E. Broadway and S. Gilbert roads, the community offers immediate access to retailers, restaurants, public transit and an elementary school.
Contact: Eddie Chang, ABI Multifamily, (602)714-1398
All images and information are property of the respective brokerage firms or broker, and two images are courtesy of Yardi Matrix.