31-Unit West End Apartment Building, Sold

1133 Barclay Street has been sold by Gordon Nelson Properties for $9,225,000 to a local investor. The purchase price represents a cap rate of 4.5% and a price per unit of approx. $300,000. The building was fully renovated including new stainless steel appliances, dishwashers, granite countertops, porcelain tiling and refinished floors. The building has an ideal location, but does not fall within the West End Plan’s potential rezoning area.

The building had been listed for sale for $9,898,000, and was sold by Matt Saunders and Steve Fame of Colliers in approx. 1 month.