On the Market: 5 Interesting Listings for the Week of 8/17
- Aug 17, 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.
3232 West Avenue
Location: Los Angeles, Calif.
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
The Morakot Apartments
Location: Oakland, Calif.
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
255-265 Merton Road
Location: Highland Park, Mich.
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
College Crossing at National
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
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.