On the Market: 5 Interesting Listings for the Week of 7/31
This week's listings include a vintage schoolhouse converted to a multifamily property and a prospective 15-unit, beach-adjacent loft development in California.
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.
Beach Avenue Lofts
Location:Â Marina del Rey, Calif.
Price: $3.7 million
Price/Unit: $250,000
Building Size: 12,614Â SF
Units: 15
Features:Â Proposed development site on 7,932-square-foot lot; five-story building; one level of subterranean parking, first-floor office/retail space; second floor will have two two-bed/two-bath and two one-bed/one-bath low-income units, third floor will have two two-bed/two-bath and two one-bed/one-bath market rate units, fourth floor will have three two-bed/two-bath market rate units and fifth floor will have two large one-bed/one-bath penthouse units with rooftop decks.Â
Contact:Â Brad Neal, Goldcoast Properties, 310-936-3050
Vantage Apartments
Location:Â Longmont, Colo.
Year Built: 1970
Building Size: 21,690Â SF
Units: 24
Features:Â All units have two bedrooms and one bathroom; all units renovated within past two years; located one block from Main Street and five minutes from downtown Longmont; easy access to Boulder, Rocky Mountain National Park, Denver International Airport and downtown Denver.
Contact: John Rue, CBRE, 970-948-8300
Monroe Street Apartments
Location:Â Freemansburg, Penn.
Price: $1.6 million
Price/Unit: $110,000
Building Size: 17,120Â SF
Units: 15
Features:Â Restored schoolhouse originally built in 1891; current ownership renovated 11 units; unit mix of four one-bedroom units, four two-bedroom units and four three-bedroom units; adjacent building consists of three one-bedroom units with private entrances; located within a five-minute drive of Bethlehem, Penn.
Contact:Â Rittenhouse Realty Advisors, 215-454-2852
The Manor
Location:Â Austin Texas
Building Size: 208,916Â SF
Units: 249
Lot Size: 7.96 acres
Features:Â Property includes 25 buildings; current owner spent $2 million in capital improvements; rents currently more than 20 percent less than comparable properties; easy access to Austin employers; net operating income of $1.2 million.
Contact:Â Forrest Bass, HFF, 512-532-1964
Scituate Commons
Location:Â Scituate, R.I.
Price: $2.7 million
Price/Unit: $100,000
Building Size: 29,682Â SF
Units: 27
Features:Â Unit mix of two two-bedroom units and 25 one-bedroom units; total of 29,682 rentable SF; main buildings constructed in 1839; recent upgrades include kitchen cabinets, granite countertops, new exterior paint and windows.
Contact:Â Jason Braun, United Multi-Family, 617-416-5003
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