Marcus & Millichap Reps Buyer, Seller In Miami Beach Apartment Sale

Aug 10, 2017 No Comments by

Marcus & Millichap negotiated the sale of a 20-unit apartment property located in Miami Beach.

The asset sold for $4,800,000.

 

“The property is exceptionally located across from the Bass Museum and Collins Park, just two blocks from the Miami Beach Convention Center, in one of the hottest neighborhoods in Miami Beach,” states Brett McMahon, Associate, in Marcus & Millichap’s Fort Lauderdale office.

McMahon, Joseph P. Thomas, First Vice President Investments, and Adam G. Duncan, Vice President Investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a private investor.

 

“Although the property had a significant amount of deferred maintenance and limited in-place cashflow, we were able to generate 10 written offers during our marketing period as a result of the RM-2 zoning and the fact that the property can be converted to short-term rentals,” continues Thomas.

The Property is located at 2150 Park Avenue in Miami Beach.  It was originally constructed in 1947 and consists of 20 apartments, 9,792 square feet of adjusted living area and a 7,500-square foot lot. The property currently operates as a traditional apartment building and is comprised of one efficiency and 19 one-bedroom/one-bathroom apartments and was purchased by the current owner more than 30 years ago.

 

 

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Industry News, Miami-Dade County Multifamily, Multifamily, NA
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