On the Market: 5 Interesting Listings for the Week of 5/7

Among this week's listings are a century-old Manhattan property, a brand-new community near Philadelphia's Center City, and more.

On the Market is a weekly department showcasing the most interesting multifamily assets offered for sale. 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.

1200 Washington

1200 Washington

1200 Washington

Location: Philadelphia

Price: $14,000,000

Units: 48

Year Built: 2017

Building Size: 37,418 square feet

The newly constructed community is located at 1200 Washington Ave. in Philadelphia’s Passyunk Square/Avenue of the Arts neighborhood. The vicinity features multiple restaurants and retailers, as well as entertainment destinations. A subway station is within walking distance, while Broad Street provides convenient access to other parts of the city and metropolitan area. The floorplan mix at 1200 Washington consists of eight studio units, 36 one-bedroom units and four two-bedroom units. Amenities include an outdoor lounge, a billiards room and bicycle racks. The luxury community is in a high barrier-to- entry market, making it an attractive investment. Market occupancy averages around 95 percent, according to Rittenhouse Realty. Proposed average monthly rents are about $1,600.

Contact: Rittenhouse Realty Advisors—Kenneth Wellar, (215) 454-2879; Chris Egan, (215) 454-2913

Madison Oaks

Madison Oaks

Madison Oaks

Location: Palm Harbor, Fla.

Price: TBD by market; offered free and clear of debt

Units: 250

Year Built: 1988

Net Rentable: 266,155 square feet

Madison Oaks is a stabilized asset with a high occupancy rate, located at 220 Calibre Downs Lane in Palm Harbor. Job opportunities, retail and dining destinations can be reached via McMullen Booth Road and U.S. Route 580. Local employment centers include Carillon Business Park and Tampa International Airport, and major healthcare, education, tourism and technology companies are in the area. According to data provided by Yardi Matrix, the property was 95 percent occupied as of March. Madison Oaks comprises 96 one-bedroom and 154 two-bedroom units, ranging in size from 840 to 1,332 square feet. Current ownership implemented a renovation program, aiming to capitalize on unit premiums.

Contact: JBM Institutional Multifamily Advisors—Jonathan Barclay, (813) 812-5002; Claudia Raines, (813) 812-5003

342 West 71st

342 West 71st

Location: New York, N.Y.

Price: $10,000,000

Units: 125

Year Built: 1901

Gross Size: 37,179 square feet

This property is situated in an artificial cul-de-sac, which offers the benefit of a low level of traffic. The nearby 1, 2 and 3 trains provide access to Manhattan’s business, entertainment and cultural destinations. The seven-story building comprises single-room occupancy units, 38 of which were recently renovated. Average monthly rents are around $940 for the renovated apartments. The building features four bathrooms per floor and an elevator. A potential uptick in rents could be achieved by completing the renovation program initiated by current ownership.

Contact: Avison Young—James Nelson, (212) 729-6585; Mitchell Levine, (212) 230-5999

San Antonio Station

San Antonio Station

Location: San Antonio

Price: Unpriced

Units: 172

Year Built: 1980

Building Size: 123,376 square feet

Located at 7458 Louis Pasteur Drive, San Antonio Station provides a value-add opportunity, in the form of continuing a renovation program. Currently, 73 of the units are fully upgraded, yielding rental premiums ranging from $75 to $200. The community consists of 92 one-bedroom and 80 two-bedroom units, averaging 673 square feet in size. Common amenities at San Antonio Station include a swimming pool, fitness center, playground, clubhouse and 290 parking spaces. The South Texas Medical Center, situated across the street from the property, has around 30,000 employees. An additional 29,000 jobs (not in healthcare) exist nearby, according to the broker. The community is also near interstates 10 and 410, providing quick access around the San Antonio metro.

Contact: Transwestern—Chris Stutzman, (512) 328-5600

Anderson Meadows

Anderson Meadows

Location: Anderson, Calif.

Price: $5,675,000

Units: 84

Year Built: 1978

Net Rentable: 49,720 square feet

Anderson Meadows boasts a strong current cash flow and the opportunity to add around $200 in rent per unit. Anderson, Calif., presents little to no new multifamily construction; coupled with the property’s strong occupancy, even more incentive for investment exists. The units are located across 16 two-story buildings, with assigned parking spots for residents. The property is near Interstate 5 and less than two miles from major shopping and dining centers. Anderson boasts market drivers in the education, forestry, agriculture and tourism industries.

Contact: Marcus & Millichap—Kao Saelee, (916) 724-1352

All images and information are property of the respective brokerage firms or broker. Two images courtesy of Yardi Matrix, two images via Google Street View.

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