Sunday, March 6, 2016

$1 Million Sale of Eight-Unit San Juan Villas in Tampa, FL Brokered by Marcus & Millichap

Cameron Barbas
TAMPA, 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 San Juan Villas, an eight-unit multifamily property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.

Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all 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 fund manager, was also secured and represented by the three brokers. 

San Juan Villas is an eight-unit multifamily property located at 3311 West San Juan Street in the highly desirable South Tampa submarket and is within walking distance to the beautiful Bayshore Boulevard.

It is located in a pocket of South Tampa that has seen a strong increase in walkability due to new restaurants and bars. The property consists of two, two-story residential buildings sitting on approximately 0.23 acres.

Francesco P. Carriera
 The buildings are comprised of four, one-bedroom/one-bathroom units with 535 rentable square feet and four, one-bedroom/one-bathroom units with 540 rentable square feet.

These one-bedroom apartments were renting for $2 per square foot. Amenities include an on-site laundry facility, private patios, car port parking and off-street parking.

“San Juan Villas was on the market for a total of 16 business days before going to contract, and we generated more than 10 showings and six offers within that period,” says Barbas.

“The listing was cultivated over a long relationship before the seller was interested in selling. Relationships like these allow us to help sellers increase value at the time of sale and increase cash flow during their holding period.”

“Frank, Mike and I have now listed and/or closed nearly 650 units in South Tampa, and that number continues to grow. We are seeing local, national and international buyers submitting offers on these assets, and rents at two dollars and above per square foot are becoming consistent in South Tampa,” Barbas said.

“The mayor and city have done a phenomenal job positioning the city for growth, and it’s reflected by the residents that are continuing to move to South Tampa and the investors that are upgrading these buildings for them.”

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager
 Tampa, FL

(813) 387-4700

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