ST. PETERSBURG, FLORIDA, May 15, 2017 – 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 The Bungalows on 50th, a 12-unit apartment property located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $472,500.
Shawn Rupp and Casey Babb, 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 Shawn Rupp and Casey Babb.
“This was a great value-add opportunity with a high in-place cap rate. The new owner plans to do major interior and exterior renovations to the units and increase the cap rate even further in the next 12 months,” says Shawn Rupp.
The Bungalows on 50th is located at 2595 50th Avenue North in St. Petersburg, Florida. The property was fully occupied at the time of sale and features tiny-house style bungalows, plenty of land for exterior amenities and featured new roofs and newly paved private driveways.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 with a value of approximately $42.3 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