DADE CITY, Fla., March 31, 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 17th Street Apartments, a 12-unit apartment property located in Dade City, Fla, according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $850,000.
The buyer, a private investor, was secured and represented by Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Orlando and Tampa offices.
“The 100% occupied asset’s cash flow is quite strong at a takeover 8 cap, with returns moving to a 9 cap in fiscal year 1, with a whopping 16% Cash on Cash Return and IRR north of 25%. We successfully outbid more than 50 competing offers. The turn-key nature and above-average returns spurred a large amount of investor interest. Our team’s relationship with the seller and deep market knowledge allowed us to edge out the competition and ultimately help our client win the deal,” says Andrew Birr.
17th Street Apartments is located at 14842 17th Street in Dade City, Fla. The property consists of three buildings with eight, two-bedroom units, 4 one-bedroom units for a total of 9,600 NRSF. The property was constructed in 1950 and renovated entirely in 2018-2020. All apartment homes have been completely remodeled and include new A/C, roofs, windows, doors, upgraded flooring, cabinets, appliances and paint. Each building is constructed of solid, concrete block with brand new shingle roofing.