TAMPA, Fla., June 22, 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 Noho Gardens, a 8-unit apartment property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $770,600.
Shawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM, 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 secured and represented byShawn Rupp, Casey Babb, CCIM and Luis Baez, CCIM.
“This property, while having seen extensive renovations over the last two years, still has a tremendous amount of value to add through renovation of the majority of the units as well as implementation of utility reimbursements. The buyer plans to start major rehabs immediately and will be bring the property to its full potential over the next 12 months”, said Rupp.
Noho Gardens is located at 2501 W North B St in Tampa, FL, within one of the most densely populated employment centers in the region. This turn-key asset has seen 20 percent of the units wholly rehabbed, multiple units with partial rehabs, as well as numerous other upgrades which signal immediate upside potential as units turn. Given its ideal location between Tampa’s top two employment centers, a new exterior and significant capital improvements in 2017, Noho Gardens is expected to perform at consistently high occupancy levels, in a growing submarket and will provide durable cash-flow and stable returns.
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 over 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