TAMPA, FL—Distressed multifamily deals are harder to come by, but there are still a few steals for investors looking for smaller commercial real estate buys. Marcus & Millichap just inked one of them.
James Street Apartments, a nine-unit multifamily community located in Dunedin, FL, traded for a mere $370,150. The multifamily units were built in 1959.
Michael P. Regan and Francesco P. Carriera, both vice president of investments, along with James Vestal, investment specialist in M&M’s Tampa office, represented both the seller and the buyer. Both were Florida-based private investors.
“This transaction represents the waning supply of distressed assets on the market,” says Vestal. “As we head into a more normalized market, opportunities like this will become fewer and farther between and I think the buyers really recognized that.”
The multifamily property is located within walking distance of Downtown Dunedin in a class A rental market. James Street Apartments offers three, one and two-story buildings on a .56-acre parcel of land. All units have individual air-conditioning. Amenities include an on-site laundry facility and ample on-site parking.