On the Market: 5 Interesting Listings for the Week of 8/20
- Aug 24, 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.
11 Carmine Street
Location: New York
Year Built: 1900
Net Rentable: 11,000 square feet
This West Village property is offered for sale for the first time in more than 60 years. The five-story building includes a ground-floor retail space currently leased to Dos Toros Taqueria. The community comprises five two-bedroom and eight one-bedroom units. Strong rent flow is already in place, with an additional upside made possible through basic capital upgrades. The asset is situated within minutes of mass transit, shopping, dining, nightlife and cultural attractions.
Contact: Christie’s International Real Estate – Erin Boisson Aries, 1 212 974-4551
Location: West Haven, Conn.
Price: $7,275,000 ($32,920,000 for entire portfolio)
Year Built: 1979
Net Rentable: 40,005 square feet
Crestview Apartments is offered alongside seven other properties, comprising the New Haven County Portfolio. The assets can be purchased individually. Current ownership acquired the properties between 2014 and 2016, and spent approximately $2.3 million on improvements, ranging from unit renovations to deferred maintenance. Crestview Apartments comprises 635-square-foot one-bedroom units, is situated less than a mile from the Connecticut Turnpike and offers immediate access to VA Hospital and University of New Haven. Investors can continue the renovation program to access more value at Crestview Apartments.
Contact: Northeast Private Client Group – Edward Jordan, (203) 692-2420; Bradley Balletto, (203) 307-1574
Location: El Cajon, Calif.
Year Built: 1979
Net Rentable: 46,409 square feet
Heritage Apartments is located near El Cajon’s downtown area, near several retailers, restaurants and major thoroughfares. Heritage comprises 36 one-bedroom and 20 two-bedroom units, ranging from 684 to 936 square feet. Current ownership implemented a massive renovation program in 2009, which saw the improvement of all aspects of the property. Units are equipped with washers and dryers, central air, granite countertops, various appliances and dual pane windows. Common-area amenities include a newly renovated pool, barbecue area and 89 parking spaces. Rents are currently below market level, allowing for more income to be generated.
Contact: ACI Apartments – Arby Eivazian, (619) 990-4436
Location: Las Vegas
Year Built: 2007
Net Rentable: 232,458 square feet
Esplanade is situated in the southwestern Las Vegas metro, at 8777 W. Maule Ave. The community comprises one-, two- and three-bedroom units, ranging from 841 to 1,301 square feet. Long-term stabilized occupancy is expected, due to a recent surge in job growth, with several major businesses setting up shop nearby. The Bruce Woodbury Beltway is adjacent to the property, allowing for transportation across the metro. Numerous retailers and entertainment destinations are close by, such as Wet’n’Wild Las Vegas water park or the Red Rock Canyon rock climbing venue.
Contact: Berkadia – Angela Powers, (702) 866-6253; Brian Anderson, (702) 522-2185
Location: Clovis, Calif.
Year Built: 1973
Net Rentable: 38,530 square feet
The two-story community is located at 2205 Peach Ave. in Clovis, within walking distance of dozens of bars, restaurants and retail. The community consists of one- and two-bedroom floorplans averaging 653 square feet. Current ownership implemented renovations throughout 29 units, featuring resurfaced countertops, new cabinetry, appliances and fixtures, as well as fresh paint. The 29 units achieved $100 rent premiums. Potential investors can apply similar strategies to the remaining 30 units to achieve higher overall income.
Contact: The Mogharebi Group – Robin Kane, (559) 288-8803; Brendan Kane, (559) 892-0036
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