Multifamily assets sold in Tampa by Marcus & Millichap

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San Juan Apartments
Marcus & Millichap announced the sale of San Juan Apartments, a 4-unit apartment property located in Tampa, Florida

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of San Juan Apartments, a 4-unit apartment property located in Tampa, Fla., according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $860,000.

Benjamin Skinner, Matthew Prozzillo and Jhamil Moore, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Benjamin Skinner, Matthew Prozzillo and Jhamil Moore.

“With Tampa’s increased levels of growth, in-migration, and investor sentiment, the property generated multiple offers within hours of hitting the market, which led to a contract being signed above asking price six days later. The California based buyer was drawn to this opportunity largely due to these favorable trends and the ability to grow their portfolio of multifamily assets throughout the Tampa Bay MSA and Florida.” says Matthew Prozzillo

“Upon hitting the market, we saw a high level of interest from investors located throughout the entire United States, ultimately leading to an investor out of California being awarded the deal. The main driver of this level of widespread interest was the strong expectation of future job growth as companies look to relocate to the Tampa Bay MSA, and the market’s resilient fundamentals throughout the COVID-19 pandemic.” says Benjamin Skinner.

San Juan Apartments, located at 3303 W San Juan St in Tampa, FL is a 4-unit multifamily property located within 5-minutes of Downtown Tampa and the $3 Billion Water Street Tampa Project. This premier location in the Palma Ceia Submarket with an average home price of $617,000+, boasts superior walkability to Bayshore Boulevard which provides residents with an easy 10-minute bike ride to the retail and restaurants of South Howard Avenue and Hyde Park Village. The Property was built in 1926 of concrete block and includes all 2-bedroom/1-bathroom units with attached sunrooms, washer/dryer appliances, a large backyard primed for additional amenity space, off-street parking, and a shared balcony. Of the four units, three have been renovated with high-quality finishes such as stainless-steel appliances, wood floors, shaker style cabinets with upgraded pulls, upgraded light fixtures, tile backsplashes in the kitchen, and granite and quartz countertops.