TAMPA, FLA., July 28, 2015 – 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 Sitios Place, a 4-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $500,000.
Casey Babb, CCIM and vice president investments, and Ari Ravi, associate, both of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Casey Babb and Ari Ravi.
Sitios Place, a two-story, garden apartment building located at 3002 West Sitios Street, is part of the Palma Ceia submarket, which is arguably one of the most desirable markets in the entire Tampa Bay region. Originally built in the 1920s, this property consists of four, two-bedroom/one-bath apartment homes which average 1,120 square feet and feature semi-private entrances, wood floors, 10 foot ceilings, stackable washers and dryers and central HVAC. The location within Palma Ceia offers ease of access to major employment centers in downtown Tampa and the Westshore Business District, as well as shopping, dining and entertainment destinations along South Howard Avenue and the beautiful Bayshore Boulevard.
“Apartment properties in and around the urban core continue to experience high demand both from tenants and investors alike. That is especially the case in the South Tampa market, which is one of the strongest rental submarkets in the region. The subject traded within four percent of the asking price at a sub six percent cap and nearly ten times the gross rent,” said Babb.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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