By Mallory Bulman
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.
Location: Hayward, Calif.
Average Unit Size: 695 SF
Year Built: 1966
Rentable SF: 60,574
Features: Remodeling in 2016 included extensive upgrades to the exterior deck and patio; private gated community with security cameras; more than 50 percent two-bedroom units; Hayward BART Station located 1.5 miles from the community; property highlights include individual entrances with a private deck or patio, two pools and large landscaped courtyards.
Contact: Anthony Pappageorge, ARA Newmark, 510-995-3586
Location: Memphis, Tenn.
Average Unit Size: 874 SF
Year Built: 1971
Rentable SF: 146,748
Features: Located at intersection of Winchester and South Perkins Roads, which have drive-by visibility of nearly 30,000 vehicles daily; Interstate 240 located less than two miles away; current ownership invested $1 million in renovations during past year; renovations have grown revenue through increased occupancy and rents; individually metered for water; currently 96 percent occupied.
Contact: Tommy Bronson III, ARA Newmark, 901-260-1190
Location: Rowland Heights, Calif.
Average Unit Size: 827 SF
Year Built: 1974
Gross SF: 106,287
Features: Located in heart of San Gabriel Valley near higher education including Cal-State Poly Pomona and Cal-State Fullerton; situated one mile south of the Pomona Freeway (CA-60); property is composed of three two-story buildings on 4 1/4 acres with courtyards and open landscaping; parking is in gated lots at northern and southern edges of community; unit mix includes three basic floor plans of one- and two-bedroom apartments; current ownership made improvements to fitness center with new equipment, new BBQ area with seating and new pool furniture; units have been upgraded in phases, with 13 apartments receiving new cabinet doors and drawers, stainless-steel appliances, vinyl plank flooring, new ceiling fans and designer hardware and finishes, and fetch nearly $200 more per month than un-renovated units; 101 apartments received new flooring and cabinets.
Contact: Dean Zander, Berkadia, 310-470-6142
Location: Phoenix, Ariz.
Offering Price: $925,000
Year Built: 1945
Features: 28 single-story units; block construction with tile roofs; unit mix of studios, one- and two-bedroom units; metered for electric, water and gas; located near Gateway Community College, Sky Harbor Airport, St. Luke’s and Banner Good Samaritan; easy access to freeways including I-10, 202, 51 and 143; walking distance from 36th Street & Washington and 24th Street & Washington light rail stations.
Contact: Brad Pickering, ABI Multifamily, 602-635-7456
Location: Phoenix, Ariz.
Offering Price: $5.1 million
Year Built: 1985
Features: Renovated in 2016; garden-style community with all two-bedroom/two-bathroom units; gated community; possibility to turn leasing office into an additional unit; located near Sky Harbor Airport, Arizona State University, SkySong and Scottsdale Fashion Square; offered all cash/new loan; 6,000 total projected forthcoming jobs in area.
Contact: Rue Bax, Senior Managing Partner, 602-714-1406