On the Market: 5 Interesting Listings for the Week of 6/26
This week's listings include two historic properties in New York: a 1920s-era community on Long Island and a Brooklyn walk-up built in 1910.
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.
The Avante
Location: Kent, Wash.
Units: 382
Average SF/Unit: 731
Rentable SF: 279,400
Site Acreage: 17.61
Features: Property consists of 36 two-story, wood-frame buildings with vinyl siding, wood trim and pitched roofs; unit mix consists of 104 500-SF studio units, 166 one-bedroom units ranging from 700-748 SF and 112 950-SF two-bedroom units; community amenities include three outdoor swimming pools, two saunas, a basketball court, lit tennis courts, a fitness center with cardio equipment and a tanning booth, a playground, soccer field and a gazebo with barbecue grill and fire pits.
Contact: Kenny Dudunakis, Berkadia, 205-521-7216
Savier Street Flats
Location: Portland, Ore.
Units: 179
Average SF/Unit: 697
Rentable SF: 124,727
Average Rent: $1,827
Features: Located on a premier Portland retail street; affluent demographic with 37 percent earning $100K or more; strong growth in market (11.4 percent in 2016); unit mix consists of studio, one- and two-bedroom floorplans; LEED Platinum certified; underground parking; easy access to downtown and employment; 96 Walk Score and access to multiple modes of transit.
Contact: Gail Neuberg, ARA Newmark, 503-575-9551
11th Avenue Apartments
Location: Phoenix, Ariz.
Units: 8
Price: $520,000
Price/Unit: $65,000
Price/SF: $77.90
Features: Unit mix of two- and three-bedroom apartments; single-story block construction; individual metering for electricity; high-demand submarket; recent exterior renovations; average property rents are below market by $110 per unit.
Contact: Ryan Smith, ABI Multifamily, 602-761-9318
22 Pearsall Ave.
Location: Freeport, N.Y.
Units: 32
NOI: $235,422
Occupancy: 75 percent
Built: 1928
Lot Size: 1.01 acres
Features: Recent capital improvements totalling $1.2 million; value-add opportunity; submarket with 2.4 percent vacancy rate and 2.7 percent rent increase during past 12 months; nine units recently upgraded with new floor plans and high-end finishes; recent capital improvements include new roof, heating system and more; on-site laundry.
Contact: Annette Strasser, 646-772-8620
269 Grafton St.
Location: Brooklyn, N.Y.
Units: 9
NOI: $32,283
Rentable SF: 6,240
Occupancy: 100 percent
Year Built: 1910
Features: Property is a three-story detached walk-up; currently 100 percent leased with 8 stabilized and one rent-controlled tenant; value-add opportunity through rent increases and basement conversion; high-demand market; lot size of .09 acres; unit mix of seven one-bedroom/one-bathroom and two two-bedroom/one-bathroom apartments; located near several schools and medical centers; located within four-minute walk to subway at Saratoga Ave.
Contact: Daniel Grant, 3JM Realty, 917-525-5858
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