Revere, MA Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, completed the sale of 31 Elmwood St., a six-unit apartment property and a net-leased Taco Bell Restaurant located at 4880 West Frias Rd. in Las Vegas. The apartment building sold for $910,000 and the Taco Bell sold for $3.125 million.
Evan Griffith, a senior associate in Marcus & Millichap’s Boston office, had the exclusive listing to market both properties. Griffith represented both sellers and also procured the buyers for both deals.
31 Elmwood St. is a six-unit brick building with parking and a mix of one and two-bedroom units. The property traded at a 6.1% cap rate and the new buyer plans to reposition the property by bringing all of the units up to market rents.
Taco Bell, which is located a few miles from the Las Vegas Strip, was built in 2007 and sold at a 6.75% cap rate. Perry White, broker of record, assisted in the closing of this transaction.
“With cap rates and values at record pricing, we are seeing more clients look to secondary markets to achieve higher returns. This triple-net leased Taco Bell has 12-plus years remaining on the lease and sits right in the middle of the several large housing development projects” said Griffith. “Investors continue to see strong rent growth year-over-year in submarkets within close proximity to the city of Boston.”
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
