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| 12-Unit Apartment Building between West Flagler Street and NW 7th Street, Miami, FL |
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| Evan P. Kristol |
MIAMI, FL – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, announced the sale
of 95 NW 47th Avenue, a 12-unit apartment property located in Miami, according
to Ryan Nee, regional manager of the
firm’s Fort Lauderdale office. The asset sold for $1,200,000 representing
$100,000 per unit.
“The property is located between
West Flagler Street and NW 7th Street in a busy commercial corridor near the
airport. The complex has historically high occupancy and the buyer has an
opportunity to realize an upside by increasing rents,” says Alejandro J. Gonzalez, an associate in
Marcus & Millichap’s Fort Lauderdale office.
Gonzalez along with Evan P. Kristol, a senior vice
president investments, and Felipe J.
Echarte, a vice president investments, who are also based in Marcus &
Millichap’s Fort Lauderdale office, represented the seller, a private investor
from Hialeah, Fla., and the buyer, a private investor from Miami.
The apartment building was
constructed in 1963 and sits on a 0.28-acre lot. It is comprised of two
efficiencies and 10 one-bedroom/one-bathroom units.
For a
complete copy of the company’s news release, please contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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