The property sits on over an acre of land on South Dixie Highway and can be redeveloped into multiple uses.
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 Virginia Street Apartments, a seven-story multi-family building with 66 units located in Coconut Grove, Fla. The asset sold for $11,100,000.
“This was a unique opportunity to acquire an income-producing apartment building with potential for redevelopment and excellent visibility on US-1 in Coconut Grove. The site is zoned T5-O which allows for multiple uses including 68 residential units, 137 hotel rooms, office and retail,” says Arthur D. Porosoff, a vice president investments in Marcus & Millichap’s Miami office.
Porosoff represented the buyer of the property, investors from New York. In the last 12 months, Porosoff has facilitated the sale of more than 20 multi-family properties in Miami and he is currently marketing five properties in downtown Miami, Little Havana and Miami Beach.
The seven-story building consists of 22 efficiencies, 27 one-bedroom/one-bathroom units, 16 two-bedroom/two-bathroom units and one detached efficiency. The 1.06-acre site is located at 2890 Virginia Street with visibility on US-1. The location is a short walk from the Coconut Grove Metromover Station, the heart of Coconut Grove and Merrick Park.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
