On the Market: 5 Interesting Listings for the Week of 8/17

3 min read

This week's list of properties includes a high-end community in Oakland, Calif.; a vintage asset in the Detroit metro area; and an under-construction mid-rise in Jamaica, N.Y.

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 via Google Street View

3232 West Avenue

Location: Los Angeles, Calif.

Price: $6,300,000

Units: 16

Year Built: 1990

Net Rentable: 16,128 square feet

This three-story building is located in the Glassell Park neighborhood, which has been slowing turning into a lively, green area suited for young people. The community is marketed as a value-add opportunity, comprising 14 large two-bedroom units and two four-bedroom units with one or more balconies, central air conditioning and heating. Almost half of the total units have been upgraded and they now feature new wood flooring, modernized bathrooms with new vanities and new kitchen cabinetry. The common and exterior spaces have also undergone renovations. Within blocks of the property there are several get-together venues including coffee and pastry shops as well as several restaurants. 

Contact: Keller Williams Commercial—Rich Johns, 818-432-1575 and Adam Zunder, 818-554-5560

Image via Google Street View

The Morakot Apartments

Location: Oakland, Calif.

Price: $4,995,000

Units: 18

Year Built: 1923

Net Rentable: 11,006 square feet

Cap Rate: 4.2 percent

The vintage property is located at 1455 1st Ave. in the East Lake/Merritt neighborhood of Oakland, offering residents convenient access to Lake Merritt. Although it already ensures reliable turnover, it can easily be upgraded to the A+ level. The unit mix encompasses 12 studios varying in size and six one-bedroom apartments, with the larger units featuring new carpet and hardwood floors. The building was last renovated in 2005.

Contact: NAI Northern California – Fritz Jacobs, 415-481-0984

Image via Google Street View

255-265 Merton Road

Location: Highland Park, Mich.

Price: Unpriced

Units: 15

Year Built: 1951

Net Rentable: 18,066 square feet

The two-and-a-half story, U-shaped building is part of the Palmer Park historic neighborhood and is less than 10 miles from downtown Detroit. It features a neo-colonial style with a hipped roof and decorative detailing, including brackets, quoins and shutters, according to a report issued by the City of Detroit. It originally included 18 units. All current units feature two-bedroom floor plans. The property also includes 11 parking spaces.

Contact: Multifamily Warehouse – Aaron Lewis, 313-405-7337

Image courtesy of Yardi Matrix

College Crossing at National

Location: Indianapolis

Price: Unpriced

Units: 56

Year Built: 2007

Net Rentable: 50,568 square feet

Cap Rate: 6.40 percent

The student housing community is located at 1840 National Avenue in Indianapolis’ Perry East submarket. Built in 2007, according to Yardi Matrix, it encompasses two-, three- and four-bedroom units averaging 900 square feet. The last time the property changed hands was in 2008, when Hunter Management bought it for $6.5 million from Trinitas Ventures. The monthly average rent is $1,331.

Contact: Tikijian Associates – George Tikijian, 317-578-0088  

148-36 89th Avenue

Location: Jamaica, New York

Price: $13,000,000

Units: 27

Year Built: Under construction

Net Rentable: 28,000 square feet

The property is currently under construction and scheduled for completion in June 2019. It is going to be an eight-story elevator condominium building which will also feature an on-site parking for up to eight vehicles and full cellar. The location, in the heart of downtown Jamaica, provides residents with proximity to the F train at Sutphin Blvd./Hillside Ave., which is two blocks away. The nearest bus stop, at Sutphin Blvd., is also within walking distance. The entire lot spans 7,250 square feet.  

Contact: Cushman & Wakefield – Stephen Preuss, 718-512-2118; Kevin Schmitz, 718-512-2628.

All images and information are property of the respective brokerage firms or broker.

You May Also Like

The latest multifamily news, delivered every morning.

Latest Stories

Like what you're reading? Subscribe for free.