ST PETE BEACH, Fla., March 15, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Clay House, a 12-unit apartment property located in St Pete Beach, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $2,200,000.
Nataliia Musick, Luis Baez, CCIM, Casey Babb, 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 Nataliia Musick, Luis Baez, CCIM, Casey Babb, CCIM and Shawn Rupp.
“St. Pete Beach is a high barrier to entry market with strong demand for apartments, both long term and short term. The rents were significantly below market at the time of sale, and with some improvements, the buyer will be able to achieve up to 32% increase in rental income,” said Musick. “Through our expansive marketing campaign, we received multiple offers which included the buyer’s full price offer with favorable terms. The buyer and seller were able to close in 14 days,” added Baez.
The Clay House is located at 7305 Bay Street in St. Pete Beach, Fla. Situated on 0.26 acres at the foot of the Corey Causeway Drawbridge and overlooking the Boca Ciega Bay, the site features one, two-story building constructed of concrete block featuring a decorated brick front facade. Within the last 12 months, the property has received a number of recent renovations including a new roof and gutters, 9 of 12 new HVAC units, a new dock and partially renovated interiors. Residents enjoy common amenities such as a private dock as well as grilling and lounge areas overlooking the Boca Ciega Bay.
The apartment homes are a mix of eight, one-bedroom/one-bathroom units and four, two-bedroom/one-bathroom units. The units feature fully-equipped kitchens, central HVAC units, semi-private porches, water views and screened-in patios. Many units have been partially renovated with new kitchens and/or new flooring.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.