$1 Million Apartment Building Sale Arranged by Marcus & Millichap in Tampa, FL

  

San Isidro Apartments, 2803 and 2805 West San Isidro Street, Tampa, FL

Ari Ravi

TAMPA, FL,  Jan. 27, 2015 – 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 San Isidro Apartments, an eight-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The $1.140 million sales price equates to $142,500 per unit.

Casey Babb, CCIM and vice president investments, Luis Baez, senior associate and Ari Ravi, associate in Marcus & Millichap’s Tampa office, represented the local seller and the New York-based buyer who was executing on a 1031 exchange.

Originally built in the 1920s and located at 2803 and 2805 West San Isidro Street on 0.25 acres, San Isidro Apartments consists of eight, two-bedroom/two-bath apartment homes. 

Casey Babb

The units are housed in two, two-story Mediterranean-style, garden apartment buildings with wood frame and stucco exteriors, and built-up flat roofs.  

Amenities include stackable washers and dryers, central HVAC and premium kitchen and bath finishes, including granite countertops and custom cabinetry in select units.

“The asset is located in an A+ South Tampa location which was attractive for the buyer who was looking for a stable, consistent cash-flow and long-term capital preservation,” says Ravi. 

“This is a further indication that out-of-area investors see an enormous amount of growth potential in the Tampa Bay market and view it as an attractive place to invest,” adds Babb.

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

Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700