TAMPA, Fla., November 7, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 4201 North A Street Apartments, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $525,000.
James Vestal, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. Vestal also represented the Tampa-based buyer.
4201 North A Street Apartments was built in 1925 and is located at 4201 West North A Street in Tampa, Fla. The property consists of one, two-story building. There are four, one-bedroom/one-bathroom units with 700 rentable square feet and 10, two-bedroom/one-bathroom units with 750 rentable square feet. All units have wall unit air-conditioning and the property is situated on approximately .33 acres of land.
‘This deal represented one of the dwindling supplies of distressed deals on the market,” says Vestal. “We had several offers on it because of its great location, which drove a lot of value. The buyer plans a full rehab which will add to the continuing resurgence on North A Street,” adds Vestal.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.