A 20-Unit Apartment Building In Miami Beach Trades For $4.8 Million

8/10/17

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 20-unit apartment property located in Miami Beach , FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $4,800,000.

“The property is exceptionally located across from the Bass Museum and Collins Park, just two blocks from the Miami Beach Convention Center, in one of the hottest neighborhoods in Miami Beach,” states Brett McMahon, Associate, in Marcus & Millichap’s Fort Lauderdale office.

McMahon, Joseph P. Thomas, First Vice President Investments, and Adam G. Duncan, Vice President Investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a private investor.

“Although the property had a significant amount of deferred maintenance and limited in-place cashflow, we were able to generate 10 written offers during our marketing period as a result of the RM-2 zoning and the fact that the property can be converted to short-term rentals,” continues Thomas.

The Property is located at 2150 Park Avenue in Miami Beach, FL. It was originally constructed in 1947 and consists of 20 apartments, 9,792 square feet of adjusted living area and a 7,500-square foot lot. The property currently operates as a traditional apartment building and is comprised of one efficiency and 19 one-bedroom/one-bathroom apartments and was purchased by the current owner more than 30 years ago.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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

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