On the Market: 4 Interesting Listings for the Week of 11/19
- Nov 23, 2018
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.
Villas at Casa de Oro
Location: Spring Valley, Calif.
Year Built: 1974
Net Rentable Area: 68,450 square feet
Villas at Casa de Oro is offered as a classic value-add opportunity. The property is situated adjacent to U.S. routes 94 and 125, in the northeastern corner of the San Diego metro. Neighboring amenities and points of interest include the Casa de Oro shopping center, with its plethora of restaurants, retailers and bars, several parks and schools. The community comprises 16 two-bedroom and 44 three-bedroom units, ranging from 950 to 1,200 square feet. Amenities include a fitness center, clubhouse, playground, swimming pool and 100 parking spaces. Current ownership implemented thorough in-unit renovations. Potential investors can profit from completing the update program, with possible rental upsides of $265 on average.
Contact: CBRE – Allen Chitayat, (858) 546-2644; Nate Pepper, (858) 546-2645
Coronado Apartment Complex
Location: Ewa Beach, Hi.
Year Built: 1996
Net Rentable Area: 71,000 square feet
Located on the island of Oahu, this community is just under 3 miles from the beach. Several golf courses are located nearby, along with restaurants, shopping and entertainment destinations. Coronado comprises 100 two-bedroom units at 710 square feet. Common-area amenities include a pool with lounge chairs, picnic tables, outdoor shower, barbecue area and membership to a local community center. Value-enhancing opportunities are varied. An exterior cosmetic upgrade, applied either to the units or the common areas, can immediately increase income. The property can also be potentially repositioned as residential condominiums, to be sold individually.
Contact: Cushman & Wakefield | ChaneyBrooks – Salvador Fasi, (808) 544-9561
Location: Champaign, Ill.
Year Built: 1964
Net Rentable Area: 412,200 square feet
This market-rate community offers investors the chance to scale their portfolio in a highly important college town. Gramercy Park is located at 2106 W. White St., just 3 miles from the University of Illinois. Floorplans are available in one-, two- and three-bedroom configurations, ranging in size from 760 to 1,630 square feet. A renovation program which is still underway saw the addition of a new clubhouse and full amenity package. After the upgrade, rents at Gramercy Park could increase by up to 35 percent, in line with comparable Class B properties. The property is offered free and clear of debt.
Contact: Triad RE Partners – Sean Lyons, (773) 505-7326; Ryan Tobias, (312) 878-7362
Location: Los Angeles
Year Built: 1951
Net Rentable Area: 44,272 square feet
This property is situated in a residential neighborhood in the northern part of the Los Angeles metro, within minutes of Occidental College, CalTech, a few elementary schools, high-schools and several other colleges. The community comprises 23 one-bedroom and 27 two-bedroom units, averaging 885 square feet. Current ownership implemented a renovation program in 13 of the total units, leaving room for a value-add investment. The property is accompanied by a land parcel which can fit another 26 units. There is an assumable loan at 3.7 percent interest only until 2020 and fixed until 2022.
Contact: Growth Investment Group – Han Widjaja Chen, (626) 594-4900
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