July 28, 2008
Quick update the 15 unit apartment building located at 680 Lincoln Avenue in Napa just sold for $1,600,000 in an all cash deal both sides of the transaction were brokered by Tom Lyons at Income Property Services. The sale of this 15 unit building will cause further downward pressure on the already declining North Bay apartment market. The units were mostly 2 bedroom units including one large 3 bedroom unit. At $106,666 per unit this is a tough comp for the market to swallow. Expect further downward price modifications of property currently marketed for sale. Look for my July sales update in a few days.
Here at the RE/MAX Napa Valley office RE/MAX Cornerstone our team specializes in off market pocket listings. Over 65% of our sold deals are never advertised. Most are offered to sale only to buyers represented by our team. To gain access to the off market inventory or to learn how we work with buyers contact Mike Bolen Mike@MikeBolen.com or 707-254-9999.
July 25, 2008
What a difference a month makes. The Napa County June 2008 multifamily apartment sales market improved over May. May was the weakest month on record for apartment sales in Napa county for 2008. Where we witnessed a paltry 2 sales not so in June:
June 2008 average unit sale price- $203,421
106 Valley Oak Circle - $149,700 per unit
161 Valley Oak Circle - $162,500 per unit
2158 Wilkins Avenue - $165,000 per unit
15 Randolph Street - $214,250 per unit
2445 Pine Street - $225,000 per unit
1933 Main Street - $236,000 per unit
1018 Myrtle Street - $271,500
I made a prediction http://www.crehq.com/blog/36/napa-county-may-2008-multifamily-apartment-sales/ on June 3rd 2008 that we would see triple the sales in June than what we saw in May. We actually sold triple + one in June over May, not bad!
As an update 1711 Lincoln was removed from the market and did not sell nor has it gone into foreclosure. I will continue to update you on the Napa real estate market as it pertains to multifamily apartment and land deals so check back here often.
Here at the RE/MAX Napa Valley office RE/MAX Cornerstone our team specializes in off market pocket listings. Over 65% of our sold deals are never advertised. Most are offered to sale only to buyers represented by our team. To gain access to the off market inventory or to learn how we work with buyers contact Mike Bolen for multifamily Mike@MikeBolen.com or 707-254-9999. Contact Armando Lincoln 707-299-9779 for all other commercial sales opportunities, and Ken Dunbar 707-365-9070 for all commercial leasing needs.
We also work with over 20 investment buyers in an exclusive buyer agency agreement if you are looking to sell no one has more commercial investment buyers than our team.
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