DUNEDIN, Fla., May 3, 2018 – 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 Avenue Apartments, a six-unit apartment property located in Dunedin, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $475,000.
Sebastian Harris, Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. They also secured the buyer, a limited liability company.
The six-unit multifamily community was built in 1970 of concrete block. It consists of a one-bedroom/one-bath unit and five, two-bedroom/one-bath units. The buyer plans extensive renovations to the property. “This is a prime example of the value-add opportunities investors continue to seek,” said Hague. “The buyer will renovate the property with an eye on attracting residents who increasingly want to be in the growing community of Dunedin,” added Harris.
New York Avenue Apartments is a six-unit multifamily community located in Dunedin, Florida. The community is located less than one mile from the Downtown Dunedin Core and one-half mile to Mease Dunedin Hospital. New York Avenue Apartments is located at 450 New York Ave in Dunedin, Florida.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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