December 21, 2009: Noah Klika of McQuaid Commercial announced today the sale of a 14 unit apartment building on Capitol Hill for $1,600,000.
“This deal is proof that maximum value is achieved by maximum exposure.” said Klika, who represented the seller in the transaction. “A first time buyer unknown to us or any of our competitors with a million dollar down payment was selected as the best buyer with the most certainty in an uncertain sales and lending market.”
The property was sold by local owners who had the property in the same family for decades, with the sellers having purchased it from their parents. After self-managing the property through several market cycles the sellers decided that it was finally time to retire from the apartment business. The buyer is a local investor buying their first apartment building.
The GRM was 10.5 and the CAP rate was 6.08, relatively high according to Klika who attributed those metrics to the very small unit sizes averaging about 450 square feet. The price per net rentable foot was about $250. The buyer secured new fixed-rate debt in the amount of $650,000 (paying $950,000 cash down) from US Bank.
Both buyer and seller completed the transaction as LLC entities and prefer to not disclose their names.
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