Robert Tito, executive vice president and principal, and Carl L. Christie, vice president of NAI Hunneman Commercial represented Maverick in the transaction while Chris Delaney of Brendan Noonan & Co. represented Dyer Properties.
The building totals 4,800 sf and was recently completely gutted and rehabbed into 16 studio apartment units. The units, approximately 250 sf, were leased out as short term rentals. Dan McGee, an investment analyst with NAI Hunneman notes that the purchase price, at $625 per sf, is high for an apartment building but for short term rentals and the type of income it generates, the price was fairly standard. He notes that the rooms rent for between $375 to $400 per week and that, he notes, "is where the difference in value comes from."
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