Apartment, Investment

1847 Pendrell Street Sells

Oceanside Apartments, a 23-unit apartment building in the West End, has sold for $8,195,000. The 3-storey walkup, also known as Oceanside Hotel, was listed for $8,495,000. The listing brochure indicated that the property had been operated more recently as a hotel and that the Property “can be delivered vacant to a Buyer providing a rare opportunity for an investor to hand-pick tenants and rent out the renovated suites at true market levels.”

The cap rate was 4.4%, and the price per unit was $327,800. Both the seller and buyer were local private investors.