Lala of Massey Knakal completes the sale of six buildings for $4.55 million

An 86-unit affordable housing portfolio at 110 Harbor Loop and 15 Harbor Road was sold by Massey Knakal Realty Services for $4.55 million. Also known as Harbor Court I and II, the portfolio contains six buildings on three tax parcels with 609 ft. of frontage on the east side of Lockman Avenue and 75 ft. of frontage on Harbor Road. Built in the early 1990s, the properties are each two-story framed buildings with pitched roofs. Combined, they contain 62,838 s/f. The transaction occurred at a capitalization rate of 8.46% and a gross rent multiple of 7.58. The property sold for $72.41 per s/f. "The properties contain ample on-site parking and all tenants pay their own utilities," said Massey Knakal partner/managing director Marco Lala, who exclusively represented the seller with former broker Jordan Zotts. Massey Knakal Realty Services was the broker. Massey Knakal Realty Services is a full service property sales company specializing in the sale of investment and user properties.