Marcus & Millichap sells mixed-use building at 650 9th Ave. for $8.2m

Marcus & Millichap Real Estate Investment Services has arranged the sale of a 13,030 s/f mixed-use building at 650 9th Ave. The sales price of $8.2 million represents $630 per s/f and 16 times the rent roll. Peter Von Der Ahe, a vice president investments in the local office of Marcus & Millichap, and Joseph Koicim, an investment specialist also in the firm's local office, represented the seller and the buyer, a local property owner. "The buyer is a local landlord, who owns several buildings in the neighborhood and recognizes tremendous value in this specific location," said Koicim. "The residential and commercial operations of this asset offered significant upside potential, which was very attractive to the new owner."    Built in 1920, the five-story, nine-unit mixed-use building is situated on 40 ft. of frontage on 9th Ave., making it a strong retail or restaurant location. The property is comprised of eight residential units and one commercial unit occupied by a Thai cuisine restaurant. The eight apartments have four-bedroom/two-bathroom floor plans and half of them have been recently renovated. The majority of the residential units are market-rate and the new owner sees opportunity in being able to achieve higher rents. With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap Real Estate Investment Services is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2007, the firm closed $20.7 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry's most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.