Saturday, April 18, 2015

Marcus & Millichap Arranges $1.275 Million Sale of 9-Unit Apartment building in Treasure Island, FL


Francesco P. Carriera
TREASURE ISLAND, 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 Mont Carlo Apartments, a 9-unit apartment property located in Treasure Island, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $1,275,000.

Francesco P. Carriera, Joshua Teplitzky, Cameron Barbas 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. 

Mont Carlo Apartments is located at 105 110th Avenue in Treasure Island, FL.   

It is a waterfront, multifamily community located in the town of Treasure Island, Florida which is in Pinellas County. 

The property is walking distance to the Gulf of Mexico and it is within two miles of John's Pass, a quaint turn of the century fishing village which is Pinellas County's #1 tourist attraction.

Michael P. Regan
 Over one hundred merchants inhabit the village with unique retail shopping, a variety of restaurants, the local fishing fleet, dolphin watching and shelling tours, boat rentals, para sailing and jet skiing.

"This transaction is a true representation of how cap rates have compressed in extremely desirable locations,” says Teplitzky.  

“The capitalization rate was under 5% due to the sale including a two-story waterfront house with a boat lift and a pool which intrinsically added value to the offering,” added Teplitzky.

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

Richard D. Matricaria
Vice President/Regional Manager, Tampa
(813) 387-4700


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