On the Market: 5 Interesting Listings for the Week of 9/7
This week's list includes one of the few lakefront properties available in Chicago; a high-end asset in Santa Barbara, Calif.; 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.
The Beach House
Location: 7609 N. Eastlake Terrace, Chicago
Year Built: 1967
Net Rentable: 5,000 square feet
Highlights: The Beach House is one of the few lakefront multifamily properties available in Chicago offering private access to Lake Michigan. The building has been recently renovated and now features new windows, roof, seawall, kitchens, bathrooms and wood plank flooring. It offers two-bedroom units with in-unit laundry. Residents can walk to the Jarvis train station, which is located half a mile from the property and also to downtown Evanston’s commercial district, which is two miles away. The ROI is estimated at approximately 6 percent.
Contact: Essex Realty Group, 773-305-4900
Location: 3885 State St., Santa Barbara, Calif.
Price: Open Bid
Year Built: 2017
Net Rentable: 75,666 square feet
Highlights: The Marc is a mixed-use property which also includes office and retail space. It is the only institutional-quality multifamily development built in Santa Barbara in the last 40 years. Residents can enjoy panoramic views of the Santa Ynez Mountains and walk to a variety of retail and boutique stores as well as dining options located nearby. The unit mix consists of one-, two- and three-bedroom apartments ranging from 650 to more than 1,000 square feet. The property features a $22 million loan originated by Wells Fargo Bank in 2014 and was 97 percent occupied in July. Monthly rents start at $3,000.
Contact: Marcus & Millichap, Ron Harris – 213-943-1900
The Park at Ravenna
Location: 6919 Bonair Drive, Tampa, Fla.
Year Built: 1974
Net Rentable: 242,490 square feet
Highlights: The property encompasses one- and two-bedroom units and presents the opportunity to increase rents $43 on average on top of the current market rents. The owner, Blue Roc Premier Properties, bought the property in 2015 for $14.3 million and has invested more than $3 million in renovations since then. The asset is located less than 10 miles from downtown Tampa in high barriers to entry submarket with no recently completed or under construction supply. It features a 25 percent 10-year average cash-on-cash return.
Contact: Carriera Regan, Michael Regan – 813-387-4800
Astoria Apartment Building
Location: 23-23 Astoria Blvd., New York
Year Built: 2017
Net Rentable: 13,568 square feet
Highlights: The seven-story, elevator-serviced luxury apartment building is located just a short walk from the Astoria Boulevard subway station, the Astoria Ferry and several other bus stops. The unit mix consists of 12 one-bedroom apartments and one three-bedroom apartment, all of them featuring balconies and high-end condo finishes. Residents also have access to the common rooftop deck. The property’s Cap Rate is estimated at 5 percent.
Contact: Cushman & Wakefield, Stephen Preuss – 718-512-2118
Location: 21535 Roscoe Blvd., Los Angeles
Year Built: 2012
Net Rentable: 100,478 square feet
Highlights: This luxury property presents investors with a light interior renovation value opportunity, which could add monthly rent premiums of $135 for the two-bedroom apartments and $185 for the three bedroom floorplans. Monthly average rents vary from $2,300 to $3,000. In July, the community was fully occupied. The estimated Cap Rate is 5 percent.
Contact: Avison Young, Peter Sherman – 424-265-9200
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