21 Florida Apartment Units Sell For $675,000
Hampton Bay Apartments, a 21-unit multifamily community located in St. Petersburg, Florida, has commanded a sales price of $675,000.
Michael P. Regan and Francesco P. Carriera, vice president investments and Nicholas Meoli, investment specialist in Marcus & Millichap’s Tampa office, represented both the seller and the buyer, private investors based in Florida.
Hampton Bay Apartments is a three-story building, constructed in 1974 and located at 111 Southwest Madison Circle North. The unit mix consists of nine efficiency units with 365 rentable square feet, nine one-bedroom/one-bathroom units with 550 rentable square feet and three two-bedroom/one-bathroom units with 850 rentable square feet. Renovation of the property includes new paint on the exterior and hallways of the building, new tile floors in 20 of the 21 units and 15 units have received all new white kitchen cabinets. The parking lot has also been resurfaced.
“This sale was an all-cash transaction with a three day contingency period,” says Meoli. “The property closed within thirty days from the executed contract.”
“This was a private lender short-sale,” adds Frank Carriera. “One of the very few left in the Tampa Bay area.”