Tuesday, June 9, 2015

Marcus & Millichap Arranges $208,000 Sale of Alma Street Apartments in New Port Richey, FL


Joshua Teplitzky
NEW PORT RICHEY, FL, June 9, 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 Alma Street Apartments, a 6-unit apartment property located in New Port Richey, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $208,000.

Joshua Teplitzky, Associate, Francesco P. Carriera, Vice President Investments, and Michael P. Regan, Vice President Investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a group of private investors. 

Alma Street Apartments is located at 4615 Alma Street in New Port Richey, FL. The property consists of all two-bedroom/one-bathroom units with 800 rentable square feet. Amenities include central heat and air-conditioning and an on-site laundry facility.

"We received multiple offers on this property, located one block west of U.S. Highway 19 in New Port Richey,” says Teplitzky.  “The capitalization rate was over 10 percent and the new owner plans to increase the rents by approximately $75 on each floor plan,” added Teplitzky. “The buyer was a local investor and plans to capitalize on the month to month leases in place,” concluded 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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