ST PETERSBURG, Fla., July 27, 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 442 30th Avenue N Apartments, a 9-unit apartment property located in St Petersburg, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $515,000.
Joshua D. Teplitzky, Francesco P. Carriera, and Michael P. Regan, 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 byJoshua D. Teplitzky, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office.
“This property which is also known as Bayview Apartments, was sold by us for the second time in a two-year period. The property was initially sold as a redevelopment project which was subdivided, and the existing 9 units were sold off after the owner/developer broke ground on a townhome project on the south end of the property. We commanded seven offers throughout the marketing period from out of area and local investors. We continue to drive value for well-located, value-add assets Bayview Apartments which was substantiated by offers over the asking price,” concluded Teplitzky.
442 30th Avenue N Apartments is located just north of the heart of rapidly developing downtown St. Petersburg, Florida. The offering consists of 9 units in three buildings, all built in 1937. The building is on approximately .27 acres of land. The buildings are comprised of (5) studio units and (4) one-bedroom/one-bathroom units.
442 30th Avenue N Apartments sits 3.1-miles from Interstate 275, a major north/south thoroughfare that provides direct access to Downtown Tampa, Interstates 4 and 75 to the north and Bradenton and Sarasota to the south. Interstate 275 also provides a short 15-minute commute to the Gateway and Carillon Business Districts. 442 30th Avenue N Apartments is just a 10-minute drive north of Central Avenue and its numerous restaurants and nightlife. The property is located within immediate access to USF St. Petersburg, Tropicana Field, and the rest of downtown St. Petersburg’s world class museums, retail shopping area, financial district and waterfront. 442 30th Avenue N Apartments is located at 442 30th Ave N in St Petersburg, Fla.
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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 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