TAMPA, Fla., October 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 Central Place, a 2-unit apartment property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $400,000.
Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, 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 Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp
“Earlier this year we sold a 10-property portfolio in Seminole Heights and the new owner is executing on the strategy of selling off the pieces individually. Central Place was the crown jewel of the portfolio and was able to command $200,000 per unit due to its prime location and huge units,” said Babb. “We have now resold 3 of the 10 assets and have the 7 others actively on the market for sale,” added Rupp.
This 1920s vintage asset sits directly on Central Avenue in the heart of Seminole Heights Historic District and features a single, two-story brick building with a pitched metal roof and an adjacent two-car garage and a beautiful crape myrtle garden in the front of the property.
Central Place residents enjoy on-site laundry, private, off-street parking, private entertaining areas in the back and proximity to some of the top restaurants and craft breweries in the region including award-winning establishments. The property also offers short commutes to major employment centers, universities, hospitals, concert and sporting venues, shopping and nightlife.
The unit mix consists of two, two-bedroom, one-bath apartments which average an enormous 1,544 square feet. All units have hardwood floors, large windows, above average ceiling heights and a well-thought-out blend of both modern conveniences along with old historical touches. Central Place is located at 5205 North Central Avenue in Tampa, 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