Marcus & Millichap Brokers $788,000 Sale of 12-Unit Casita Bella Apartments in Titusille, FL

 

Andrew Birr

TITUSVILLE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Casita Bella, a 12-unit apartment property located in Titusville, FL, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $788,000.

Casey Babb

Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM, Ryan Wooden, and Shawn Rupp, investment specialists in Marcus & Millichap’s Orlando office, secured and represented the buyer, a private investor.

“Located in Brevard County on the “Space Coast,” the property is well positioned with proximity to the growing Space and Defense Industry in the surrounding area," says Andrew Birr.

  "It had a 92% economic occupancy at closing and provides our client with strong cash flow at a takeover 8% cap rate with an additional $100/month rental upside per unit. 

Ryan Wooden

"Our buyer intends to implement a light rehab and manage rents to market. Our team’s deep market knowledge and ability to evaluate assets quickly helped our client get under contract in less than a week on the market and ultimately win the deal."

Shawn Rupp

Casita Bella is located at 500 Rock Pit Rd in Titusville, FL. The property is made up of 12 fully occupied 2-bedroom/1-bathroom units approximately 860 square feet each.

Recent updates to the property include new A/C units and kitchen utilities for the units, new roofing, and coin laundry facilities.

CONTACT:

Justin W. West

Vice President

 Regional Manager

 Orlando, FL

(407) 557-3800