On the Market: 5 Interesting Listings for the Week of 10/02
This week's listings include an historic French Quarter property built in the 1830s and a brand-new, 191-unit asset in Fort Lauderdale, Fla.
On the Market is a weekly 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 Mallory Bulman.
Mueller Place
Location:Â Austin, Texas
Avg. Rental Rates:Â approx. $1,600 per month
Rentable SF:Â 77,652 SF
Avg. Unit Size:Â 903 SF
Units:Â 86
Features:Â Value-add opportunity in Central Austin; located near the Mueller Redevelopment, one of the fastest-growing areas in the city; current owner spent $750,000 upgrading common areas and curing deferred maintenance; exterior and common area upgrades include extensive landscaping and ground improvements, new signage, 50 percent roof replacement, parking lot sealing and striping, new boilers and HVAC work; most unit interiors are not upgraded and offer opportunity to add value; seven units have been renovated and are achieving monthly premiums of $100 to $175.Â
Contact: James Young, ARA Newmark, 512-637-1265
The Queue Apartments
Location:Â Fort Lauderdale, Fla.Â
Avg. Rent: $1,930
Rentable SF:Â 153,963
Avg. Unit Size:Â 806Â SF
Units:Â 191
Features:Â Cushman & Wakefield anticipate a transaction price of up to $60 million; the property comprises a single seven-story mid-rise building on a 1.6-acre site; the property was completed earlier this year; located at 817 SE 2nd Ave., in downtown Fort Lauderdale, steps from 5.4 million square feet of downtown office space, the new Broward County Courthouse and Las Olas Boulevard.Â
Contact:Â Robert Given, Cushman & Wakefield, 954-377-0513
Photo via queueapartments.com
Colter Gardens ApartmentsÂ
Location:Â Phoenix, Ariz.
Price: $1.5 million
Price/Unit: $99,000
Units:Â 16
Built: 1965
Features: Located less than a mile from three different light rail stations and a park & ride; all units are 885 square feet and have two bedrooms and a private courtyard; located minutes from Christown Shopping Center which has a Costco, Target and Harkins Theaters; units are individually metered for electricity.
Contact:Â John Klocek, ABI Multifamily, 602-344-9258
Prestige Center
Location:Â Tacoma, Wash.Â
Price: $2.6 million
Price/Unit: $136,842.11
Units: 19
Building Size:Â 15,553 SF
Features:Â Two-story property built in 1961 on a 27,600-square-foot lot; Bavarian-style architecture; 10 multifamily units and nine commercial suites; offers views of the Olympic Mountains and Puget Sound.Â
Contact:Â Tyler Smith, Westlake Associates, 206-505-9425
727 St. Ann St.
Location: New Orleans, La.Â
Price: $1.7 million
Price/Unit: $355,000
Units:Â 5
Building Size: 3,812 SF
Features:Â Located in the heart of the French Quarter; townhouse built in the 1830s with historic details throughout; features courtyard and second-floor gallery; the front first-floor unit has two bedrooms, two bathrooms and an original marble mantle; second-floor apartments feature original hardwood floors and large, covered galleries.
Contact:Â Shelley Lawrence, Latter & Blum, 504-813-8466
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