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Apartment building with retail space brings nearly $1.5M
Paula Wolf//June 27, 2022
A 17-unit mixed-use building in Middletown has sold for $1.493 million, according to Marcus & Millichap, the commercial real estate brokerage firm that handled the transaction.
The listing, at 134-136 S. Union St., was acquired by One Tower Properties LLC. The seller was Steve Kancahian.
On 0.28 acres, it includes a studio apartment, three one-bedroom/one-bathroom units, 10 two-bedroom/one-bathroom units, two three-bedroom/one-bathroom units and a retail space.
“Despite the rise in interest rates, our team has noticed that the overall demand within the apartments sector has been steadily increasing throughout the first couple quarters of 2022,” Jeremy P. Ryan, a multifamily investment sales specialist with Marcus & Millichap’s Philadelphia office, said in a release.
“The various value-add components, paired with a strong tenant mix and prime location in downtown Middletown, caught the attention of numerous multifamily investors seeking inventory in a market that’s lacking supply today. For this transaction, we were able to create a competitive bidding environment and ultimately select an all-cash buyer to get this deal across the finish line.”
Paula Wolf is a freelance writer
