Lustig-Bower tells GlobeSt.com that the property, which sold for about $1.8 million, closed at an 8.3% cap rate and $41,729 per unit. Team Lustig-Bower represented both the buyer, who was in a 1031 Exchange, and the seller, a private investor that had owned the property since December 1998.
The Melrose property consists of two buildings of two stories each. The complex, built in 1923, had one vacant unit at the time of the sale. Lustig-Bower says the unit was allowed to remain vacant at the request of the buyer.
The property includes 30 one-bedroom and 12 bachelor units, ranging from 650 sf to 750 sf and renting for $312 to $550 per month. It is of two-story, wood frame and stucco construction.
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