On the Market: 5 Interesting Listings for the Week of 4/9
This week's listings include a mixed-use investment opportunity on Manhattan's Upper West Side and a newly renovated community in the Denver metropolitan area.
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.
304 Columbus Ave.
Location: Manhattan, NY
Price: $9,950,000
Units: 13 residential & two commercial units
Net Rentable: 12,258 square feet
The building sits between 74th and 75th St., with the Upper West Side’s multiple high-end destinations within walking distance. These include restaurants, bars, retailers and entertainment such as the American Museum of Natural History. The 72nd St-Broadway subway station is also near. The property’s residential component consists of five free market apartments, one rent-controlled apartment, two owner-occupied units and five rent-stabilized apartments. The commercial component consists of a 2,000-square-foot space currently leased to Jonathan Adler Home Décor and a 1,700 lower-level retail space, currently vacant.
Contact: Cushman & Wakefield – Conrad Martin, (212) 307-8175; Bryan Smadbeck (212) 589-5169
Windham Hills Apartments
Location: Petersburg, Va.
Price: $4,333,333
Units: 72
Year Built: 1968
Net Rentable: 51,840 square feet
This community has been well maintained since its opening and has been fully occupied for a very long time. It changed hands only once before, in 1997. The property comprises two-bedroom units only, 750 square feet in size, all equipped with eat-in kitchens, dishwashers, air conditioning and walk-in closets. Current ownership implemented a full renovation program in the early 2000’s, installing new roofs, windows and overhauling the plumbing, electrical and mechanical systems. Current rents at Windham Hills are below market rates, at $600 per month on average, providing an investment opportunity.
Contact: One South Commercial – Tom Rosman, (804) 539-3017; Ryan Rilee (804) 690-1482
Ocelot Apartments
Location: Littleton, Colo.
Price: $4,900,000
Units: 35
Year Built: 1971
Net Rentable: 19,938 square feet
The Ocelot Apartments is situated at 5599 S. Windermere St., within proximity to downtown Littleton, light rail access and the Littleton Boulevard commercial corridor. Current ownership implemented a renovation program, finalized last year, which saw the addition of solar panels, new landscaping and exterior paint, as well as in-unit improvements. The community comprises 34 one-bedroom and one two-bedroom units, measuring 544 and 725 square feet, respectively. Average monthly rent is approximately $1,037, while market rents are somewhat above. Cap rate is estimated at 5.3 percent.
Contact: Nexus Commercial Realty – Adam Riddle, (303) 257-7627; Jason Koch, (303) 918-8909
Canyon Springs
Location: Phoenix
Price: Unpriced
Units: 203
Year Built: 1981
Net Rentable: 156,285 square feet
Canyon Springs, comprising 11 buildings, is situated in northern Phoenix, at 14020 N. Black Canyon Highway. Nearby, the Thunderbird Road-Interstate 17 junction provides multiple destinations in terms of shopping and dining. The asset comprises 131 one-bedroom and 72 two-bedroom units, ranging in size from 619 to 899 square feet. Current ownership maintained the asset in good condition, with potential capital investment dedicated towards small value-add improvements which bring immediate increase in profits. The Deer Valley area is home to nine Fortune 500 companies and there are more than 55,000 jobs within a three-mile radius. The community is currently 98 percent occupied.
Contact: HSK Multifamily – Bill Hahn, (602) 222-5105; Trevor Koskovich, (480) 227-7420
Casa Del Sol
Location: Bakersfield, Cal.
Price: $12,495,000
Units: 205
Year Built: 1965
Net Rentable: 83,200 square feet
Casa Del Sol has been under the same ownership for more than 10 years, proving to be a well-maintained and stabilized asset. The property received a thorough renovation in 2015, with new exterior paint, pool furniture, landscaping, irrigation system and in-unit improvements. Rent premiums increased by values between $30 and $50. Casa Del Sol is situated at 2601 Fremont St., within proximity to state routes 58 and 99, as well as shopping centers, restaurants and bars. As one of the fastest-growing cities, average household income within a three-mile radius is estimated at $37,529, a value expected to grow rapidly in the near future.
Contact: The Mogharebi Group – Robin Kane, (559) 288-8803; Mark Bonas, (661) 369-7100
All images and information are property of the respective brokerage firms or broker. Three images courtesy of Yardi Matrix, one image via Google Street View.
