CLEARWATER, Fla., October 31, 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 Bayside Terrace, an 11-unit apartment property located in Clearwater, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.
Luis Baez, CCIM, Shawn Rupp and Casey Babb, 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 out of California, was in a 1031 exchange.
Bayside Terrace has frontage directly on Edgewater Drive with traffic counts of over 15,000 cars per day and is just minutes from a multitude of employment centers, beaches, retailers and other demand drivers. The property is located just north of Downtown Clearwater, walking distance to Dunedin and sits on a just over one-half acre parcel. Bayside Terrace’s unit mix consists of ten, one-bedroom/one-bathroom units (557 square feet), one, two-bedroom/one and one-half bathroom (800 square feet) unit and one studio (non-conforming). The property features an onsite laundry facility, off-street parking, tropical landscaping and water views from select units. Bayside Terrace is located at 2035 Edgewater Drive in Clearwater, 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