TAMPA, FLA., April 25, 2014 – 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 Inca Drive Apartments, an eight-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $395,000.
Francesco Carriera and Michael Regan, vice presidents investments and Joshua Teplitzky, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. The listing agents also procured the buyer of the property, a private investor based in Brandon, Florida.
Inca Drive Apartments were built in 1972 and are located at 8602 Inca Drive in Tampa, Florida. The property consists of four, one-story buildings situated on approximately 1.46 acres of land. The buildings are comprised of eight, two-bedroom/one-bathroom units with 800 rentable square feet. Most of the interiors of the units have been renovated with vinyl tile flooring or ceramic tile. The roofs on all buildings were replaced in 2013. Amenities include washer and dryer connections in all units.
“This property was an off-market transaction,” says Teplitzky. “The property was attractive to the buyer since it was completely renovated within the last 18 months and the rents were under market by approximately $100.”
“There was also over half an acre of developable land included in the sale,” adds Teplitzky.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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