KISSIMMEE, Fla., July 28, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Elizabeth Arms, a 10-unit apartment property located in Kissimmee, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,100,000.
Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM, Shawn Rupp and Ryan Wooden, 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 Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM, Shawn Rupp and Ryan Wooden.
“Elizabeth Arms is a value-add deal located in the fastest growing MSA pre-COVID. Despite the challenges brought on by the pandemic, we were able to navigate the potential hurdles to close on time and tap into over $540,000 in equity for our seller, which in turn will allow him to pursue larger deals to further increase his current cash-flow and the overall value of his portfolio,” said Miles Tombrink.
Elizabeth Arms is located at 318 E Dakin Avenue in Kissimmee, Fla. The property consists of a two-story building comprised of 2 one-bedroom/one-bathroom units each 600 square feet, and 8 two-bedroom/one-bathroom units each 780 square feet. The property is 1960’s, concrete block construction with a built-up tar & gravel roof. All tenants have access to ample off-street parking and an on-site laundry facility. Residents are convenienced by the proximity to I-4 which provides easy access to an abundance of jobs and entertainment ranging from Orlando to Tampa.
Elizabeth Arms is conveniently located 200 feet northwest of Lakeshore Boulevard and within walking distance of several parks, shops and restaurants. Situated just minutes from employers and employment hubs, the property offers residents a central location with convenient access to many jobs. Major points of interest in proximity to Elizabeth Arms include Osceola County Courthouse (0.50 miles), Osceola Regional Medical Center (0.64 miles), Kissimmee Gateway Airport (1.92 miles), I-4 (9.24 miles) and Walt Disney World (9.82 miles). Major cities of interest amongst Elizabeth Arms residents include Orlando (22 miles), Lake Buena Vista (14 miles), and Lakeland (45 miles).
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.