DUNEDIN, FLA., February 3, 2016 – 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 New York Garden Apartments, a six-unit apartment property located in Dunedin, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $375,000.
Jason Hague, associate, Michael Donaldson, vice president investments, and Nicholas Meoli, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Jason Hague, Nicholas Meoli and Michael Donaldson.
New York Garden Apartments is located at 1259 New York Avenue in Dunedin, Florida. The property consists of one, one-story building comprised of six, two-bedroom/two-bathroom units with approximately 750 rentable square feet. Several of the units have received upgrades including granite countertops and stainless steel appliances. The building sits on approximately .29 acres and was constructed of concrete block. It is located less than a mile from U.S. Highway 19 and the Intracoastal Waterway, and six miles from Honeymoon Island.
“After marketing the asset for just over a month we were able to bring a significant amount of interest to the deal from a multitude of well-qualified buyers,” says Hague. “This, along with the property’s close proximity to downtown Dunedin, enabled us to close on an all cash basis within 95 percent of the list price in less than 30 days from contract execution.”
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About Marcus & Millichap (NYSE: MMI)
With over 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