SUCCESS STORY
Headaches to the Mailbox Money Life
1059 S Manhattan Pl.
Sale of vintage brick building leads to acquisition of NNN supermarket with no landlord responsibility.
Price
$
8,050,000
City
Harvard Heights
Current Cap Rate
N/A
%
Price P/ Unit
$
187,209
Lot Size
9,159
SF
1059 s manhattan
About the Property
1059 S. Manhattan is a 43-unit vintage brick building located in the heart of Koreatown. The Manhattan Apartments was a charming vintage building with renovated interiors that attracted young millennial residents congregating in Koratown's urban core. With recent improvements and its charming appeal, renovated units are quickly leased, and current rents were approx. 22% below market rents. Manhattan Apartments represented an opportunity to acquire a beautiful "Old World" property in an excellent location, while still providing substanital value-add potential through continued renovations.
Price
$
8,050,000
City
Harvard Heights
Current Cap Rate
N/A
%
Price P/ Unit
$
187,209
Lot Size
9,159
SF
Background
The Seller had purchased this 1920's brick building in Koreatown one year prior. With inconsistent cash flow, deferred maintenance and poor property management, the retired seller was looking to trade into a hands-off asset with greater cash flow and income stability.
Result
Although the property was priced aggressively, we used a multi-pronged marketing campaign to identify interested buyers. The successful campaign led to multiple offers and a competitive bidding environment. The seller received 98% of his asking price and is trading into a NNN supermarket with no landlord responsibility. The NNN asset will provide him with greater stability as well as a 30% increase in cash flow!
