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| Shawn Rupp |
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 Newport
Apartments, a four-unit apartment building located in Tampa, Florida, according
to Ari Ravi, regional manager of the
firm’s Tampa office. The asset sold for $835,000.
Shawn Rupp, associate, and Casey Babb, CCIM and vice president
investments, both 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 private investor, was secured
and represented by the two brokers.
Newport Apartments is a Class A apartment building
located at 607 South Newport Avenue in the Class A+ submarket of Historic Hyde
Park in South Tampa. Located just north of Swann Avenue and three blocks from
Bayshore Boulevard and Hyde Park Village, Newport was built in 1979 and
renovated 2016.
The building consists of four,
two-bedroom/two-bathroom units with approximately 816 rentable square feet
which have condo grade finishes and off-street parking.
“607 South Newport just completed top-to-bottom
renovations including a new roof and condo grade interiors,” says Rupp. “The
local buyer was attracted to this asset’s high rents and the need for very
little capital improvements over the next decade.”
“The seller has sold multiple properties through
our team, and was able to close at a record price on this unique asset in less
than 30 days,” concluded Rupp.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager
Tampa, FL
(813) 387-4700
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