ST. PETERSBURG, FL, December 14, 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 The Nelson, a 11-unit apartment property located in St. Petersburg, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $1,025,000.
Casey Babb CCIM, Jay Ayres, 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.
“This transaction showcases the strength of multifamily assets in today’s market, as it was under contract within a few days of listing and eventually closed at full list price. Low interest rates and low inventory continue to help keep the demand elevated,” said Jay Ayres. “Our seller client had owned the building for nearly 2 decades and was simply cashing out after executing on building modernization within the past few years. The buyer was executing a 1031 exchange and with very little available inventory we were able to hit 100% of our ask price and close seamlessly in under 60 days,” said Casey Babb, CCIM.
The Nelson is located at 430 5th St N in St. Petersburg, FL. The Nelson consists of two 2-story buildings which contain a total of 6 studio and 5 one-bedroom apartments with average rents of $775 and $792, respectively. This well-maintained property has had numerous major capital improvements, which include a new roof, new exterior paint, tiled balcony, updated electrical and HVAC systems and rehabbed bathrooms in 9 of the 11 units featuring modern walk-in showers with floor to ceiling tile. Residents enjoy access to an on-site, coin operated laundry room, storage spaces, a common area patio with outdoor furniture and BBQ grilling areas, as well as screened porches in 6 of the units.
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.