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 1232 SoHo Avenue, a 8-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,610,000.
Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Cameron Barbas, Francesco P. Carriera and Michael P. Regan.
“This transaction is yet another which represents our ability to truly maximize value for our seller while providing a buyer with a very strong business opportunity. We (The Carriera-Regan Team) have closed 20+ transactions in South Tampa, accounting for more than 850 units, since the end of 2014. This asset was under the same ownership since 1973 until the seller entrusted us with the listing and signed an exclusive representation agreement with the Carriera-Regan team to bring it to the open market.
Our marketing strategy generated 14 showings in 20 days of marketing and attracted several offers, although the final price was below a 4% cap rate and $210,000 over the marketed list price of $1,400,000.
The property is comprised of all large one-bedroom and one-bathroom floor plans with 1,095 square feet. The residents were all on month-to-month rates at $1,000, so the deal possessed a strong value-add component for a traditional operator, but also included an interesting redevelopment play due to the property being zoned CG”.
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