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 San Juan Apartments, a 4-unit apartment property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $690,000.
Cameron S. Barbas, Francesco P. Carriera, Matthew W. Prozzillo and Michael P. Regan, investment specialists 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 also secured and represented by Matthew W. Prozzillo, Cameron S. Barbas, Francesco P. Carriera and Michael P. Regan.
The sale of San Juan Apartments marks the ability of Marcus & Millichap’s Tampa agents to source unique buyers through the Marcus & Millichap platform. “This was the local Buyer’s first transaction and he was able to obtain an FHA mortgage in the form of 80% Loan-to-Value,” says Mr. Prozzillo.
“No other team or agent has transacted on more buildings South of Kennedy since the end of 2014 than myself and Carriera-Regan. Being the experts in this area has allowed us to consistently achieve top dollar for our sellers while simultaneously providing opportunistic business plans for both first time and repeat buyers to this sub-market,” adds Mr. Barbas.
San Juan Apartments consists of one, two-story building comprised of four, two-bedroom/one-bathroom units with 980 rentable square feet. The building sits on approximately .11 acres of land and is 100% occupied. Amenities include washer/dryer appliances, off-street parking, large private backyard, large windows, sunroom, 10-foot ceilings, hardwood floors and lush landscaping.
Originally built in 1926, San Juan Apartments are in the highly desirable Palma Ceia submarket of Tampa. Just north of the property is Bay to Bay Boulevard which is an east and west corridor that provides residents with drivability to West Shore Boulevard to the west and Bayshore Boulevard to the east. Four minutes east of the property is Howard Avenue. Howard Avenue is a major north and south thoroughfare that consists of local and national retail shopping centers and restaurants including but not limited to Bern’s Steak House, Sally O’Neal’s Pizza, Ciro’s Speakeasy, Fresh Kitchen and Cicco Water. South Howard Avenue is comprised of 40 plus local restaurants and bars which has earned its reputation as the SoHo District and is one of the most desirable streets in Tampa. San Juan Apartments are located at 3303 West San Juan Street in Tampa, Fla.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
