Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of River Del Mar, a three-story, 24-unit apartment building in North Miami Beach. The asset sold for $4,150,000.
“Due to the lack of inventory within the local marketplace here in South Florida, we were able to generate multiple offers creating competition amongst local and out-of-area capital,” said Nicholas McAndrew, associate. “Ultimately, this resulted in a local Buyer putting up a nonrefundable deposit upon executing the contract and waiving his financing contingency.”
McAndrew, Evan Kristol, and Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local LLC, and secured the buyer, a Florida-based private LLC.
River Del Mar comprises 24 units, including 21 one-bedroom apartments averaging 693 square feet and three two-bedroom apartments averaging 775 square feet. Between 2007 and 2009, the units underwent extensive renovations, including new cabinets, appliances, breaker boxes, and flooring. The property is located just off NE 19th Ave, the main thoroughfare for the city, and is on NE 172nd St, less than a mile west of Biscayne Boulevard.