On the Market: 5 Interesting Listings for the Week of 5/7
- May 11, 2018
On the Market is a weekly department showcasing the most interesting multifamily assets offered for sale. 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.
Year Built: 2017
Building Size: 37,418 square feet
The newly constructed community is located at 1200 Washington Ave. in Philadelphia’s Passyunk Square/Avenue of the Arts neighborhood. The vicinity features multiple restaurants and retailers, as well as entertainment destinations. A subway station is within walking distance, while Broad Street provides convenient access to other parts of the city and metropolitan area. The floorplan mix at 1200 Washington consists of eight studio units, 36 one-bedroom units and four two-bedroom units. Amenities include an outdoor lounge, a billiards room and bicycle racks. The luxury community is in a high barrier-to- entry market, making it an attractive investment. Market occupancy averages around 95 percent, according to Rittenhouse Realty. Proposed average monthly rents are about $1,600.
Contact: Rittenhouse Realty Advisors—Kenneth Wellar, (215) 454-2879; Chris Egan, (215) 454-2913
Location: Palm Harbor, Fla.
Price: TBD by market; offered free and clear of debt
Year Built: 1988
Net Rentable: 266,155 square feet
Madison Oaks is a stabilized asset with a high occupancy rate, located at 220 Calibre Downs Lane in Palm Harbor. Job opportunities, retail and dining destinations can be reached via McMullen Booth Road and U.S. Route 580. Local employment centers include Carillon Business Park and Tampa International Airport, and major healthcare, education, tourism and technology companies are in the area. According to data provided by Yardi Matrix, the property was 95 percent occupied as of March. Madison Oaks comprises 96 one-bedroom and 154 two-bedroom units, ranging in size from 840 to 1,332 square feet. Current ownership implemented a renovation program, aiming to capitalize on unit premiums.
Contact: JBM Institutional Multifamily Advisors—Jonathan Barclay, (813) 812-5002; Claudia Raines, (813) 812-5003
342 West 71st
Location: New York, N.Y.
Year Built: 1901
Gross Size: 37,179 square feet
This property is situated in an artificial cul-de-sac, which offers the benefit of a low level of traffic. The nearby 1, 2 and 3 trains provide access to Manhattan’s business, entertainment and cultural destinations. The seven-story building comprises single-room occupancy units, 38 of which were recently renovated. Average monthly rents are around $940 for the renovated apartments. The building features four bathrooms per floor and an elevator. A potential uptick in rents could be achieved by completing the renovation program initiated by current ownership.
Contact: Avison Young—James Nelson, (212) 729-6585; Mitchell Levine, (212) 230-5999
San Antonio Station
Location: San Antonio
Year Built: 1980
Building Size: 123,376 square feet
Located at 7458 Louis Pasteur Drive, San Antonio Station provides a value-add opportunity, in the form of continuing a renovation program. Currently, 73 of the units are fully upgraded, yielding rental premiums ranging from $75 to $200. The community consists of 92 one-bedroom and 80 two-bedroom units, averaging 673 square feet in size. Common amenities at San Antonio Station include a swimming pool, fitness center, playground, clubhouse and 290 parking spaces. The South Texas Medical Center, situated across the street from the property, has around 30,000 employees. An additional 29,000 jobs (not in healthcare) exist nearby, according to the broker. The community is also near interstates 10 and 410, providing quick access around the San Antonio metro.
Contact: Transwestern—Chris Stutzman, (512) 328-5600
Location: Anderson, Calif.
Year Built: 1978
Net Rentable: 49,720 square feet
Anderson Meadows boasts a strong current cash flow and the opportunity to add around $200 in rent per unit. Anderson, Calif., presents little to no new multifamily construction; coupled with the property’s strong occupancy, even more incentive for investment exists. The units are located across 16 two-story buildings, with assigned parking spots for residents. The property is near Interstate 5 and less than two miles from major shopping and dining centers. Anderson boasts market drivers in the education, forestry, agriculture and tourism industries.
Contact: Marcus & Millichap—Kao Saelee, (916) 724-1352
All images and information are property of the respective brokerage firms or broker. Two images courtesy of Yardi Matrix, two images via Google Street View.