On the Market: 5 Interesting Listings for the Week of 7/30
This week's selection includes a vintage community in Newport News, Va.; a new luxury development in Brooklyn; and more.
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.
Image courtesy of Marcus & Millichap
Bolton Road Apartments
Location: Atlanta
Price: Subject to offer
Units: 12
Year Built: 1965
Net Rentable: 9,600 square feet
Bolton Road Apartments is located north of Atlanta’s West Midtown, at 2336 N.W. Bolton Road. The community comprises two-bedroom units only, at 800 square feet in size. Numerous employment and entertainment destinations are nearby, as well as mass transit options. Current ownership invested a significant amount to renovate the property last year. Potential investors can increase the value of the asset further through organic rent growth. Currently, the property is fully occupied and has a total gross average rent of $110,400.
Contact: Marcus & Millichap – Adrian Provost, (678) 808-2788; Dan McBurney, (678) 808-2793
Image courtesy of The Serhant Team
The Rowan
Location: Brooklyn, NYC
Price: $1,160,000 – $3,185,000
Units: 13
Year Built: 2017
Net Rentable: 13,347 square feet
This new condominium development is situated a block away from the East River waterfront, at 62-66 N. 3rd St. The pet-friendly community has six floors and consists of one- to three-bedroom condos, averaging 2,669 square feet. Two units are penthouses. Additionally, the asset also includes 2,618 square feet of ground floor retail. Common-area amenities include a virtual doorman system, video intercom, package room, bicycle storage and private storage for each unit. The neighborhood features a plethora of shopping, dining and entertainment destinations, as well as employment opportunities and accessibility to mass transit.
Contact: The Serhant Team – Ryan Serhant, (646) 480-7665, Jennifer Alese, (631) 219-4922
Image courtesy of Aggregate Investment Partners
304-306 South Chapel Avenue
Location: Alhambra, Calif.
Price: $2,325,000
Units: 9
Year Built: 1954
Net Rentable: 5,400 square feet
This community is situated in Los Angeles’ northeastern submarket, at 304-306 S. Chapel Ave. East Main Street is within walking distance and features several bars, restaurants and shopping destinations, as well as an IMAX movie theater. Nearby major thoroughfares include Interstate 10 and Freeway 710. The unit mix consists of eight one-bedroom and one two-bedroom apartments, averaging 600 square feet. The 19,792-square-foot lot upon which the property sits can be used for additional development. Current monthly rents are well below market rates, providing a potential uptick of approximately 40 percent.
Contact: Aggregate Investment Partners – Casey Picard, (626) 376-9224; Steve Chang, (626) 381-9885
Image courtesy of Yardi Matrix
The Barcelona Apartments
Location: San Francisco
Price: $20,850,000
Units: 86
Year Built: 1927
Building Size: 50,232 square feet
The Barcelona Apartments is located at 270 Turk St., in downtown San Francisco and within a short distance of the financial district and the plethora of entertainment, shopping and dining. Current ownership invested significantly on renovations, adding a new roof, lobby, renovated laundry room and bike storage for residents. In-units improvements were also in progress, with 22 having already been remodeled. Barcelona Apartments is offered at below replacement cost—in excess of $900 per square foot—and also presents a value-add opportunity, as new ownership can continue the in-unit renovation program.
Contact: Colliers International – James Devincenti, (415) 288-7848; Brad Lagomarsino, (415) 288-7847
Image courtesy of Yardi Matrix
Liberty Point Townhouses
Location: Newport News, Va.
Price: Subject to offer
Units: 78
Year Built: 1969
Net Rentable: 73,696 square feet
Liberty Point Townhomes features a vintage design, with interior finishes such as ceiling fans and hardwood flooring. The community is located at 100 Pleasant Court, just off State Route 60. Liberty Point comprises eight one-bedroom, 62 two-bedroom and eight three-bedroom units, ranging from 723 to 1,173 square feet. More than 60 percent of units are in prime condition for a value-add revamp program. Coupled with rents at the bottom of the competitive set, the asset provides ample investment incentives. Additionally, occupancy has been historically high at Liberty Point.
Contact: CBRE | Norfolk – Victoria Pickett, (757) 228-1821; Hank Hankins, (757) 228-1806
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