Walter and Linda Strazzara of Scottsdale won the race with a $975,000 offer to take the Melbourne less than a week after it was placed on the market. "They liked the condition and the upside," Marcus & Millichap' Brian Smuckler, who brokered the deal for the buyers, tells GlobeSt.com. "It was at a below-market price due to the fact that the building was basically mismanaged with an out-of-state owner and had high expenses and vacancies."
Smuckler says the 3009 N. 36th St. property had seven vacant units when seller William Cramer, of Portland, OR, placed it on the market. But by closing time, only four vacant units remained. The new owners have since whittled that vacancy rate down to two, he adds. The complex, comprised of six studio apartments, 12 one-bedrooms and eight two-bedroom units, rents for between $400 and $600 per month. Rich Butler, also with Marcus & Millichap, represented the seller in the transaction.
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