The Almansor Villa apartments are located at 333-433 Almansor St. here. The price per unit averages $101,724. The property was 98% occupied at the time of sale. The Almansor Villa apartments are approximately 50,000 sf and sit on a lot of 1.5 acres. The price per square foot on the deal figures out to around $118. The property sits on a 66,935-sf lot.
Galssell LLC is described as a "buy and hold" owner by the broker and plans to put significant renovations into the site, which has seen some neglect. The new owner plans to put in more than $5,000 per unit, or over $290,000 in total, to address termite damage, broken security gates, dry rot and other more cosmetic rehab.
The capitalization rate on the deal measured 5.37%. The building was erected in 1987. It has 55 enclosed garages, a pool and children's playground on site. The new owner is also planning to push rents, which the broker estimates are between 40% and 50% below market. T he building does not have rent control.
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