TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Drew Park Apartments (top left photo), an 11-unit apartment property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $175,000.
Nicholas Meoli, (bottom right photo) a multihousing investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of both the seller and the buyer, private investors based out of Florida.
Drew Park Apartments is located at 4420 West South Avenue. This 11-unit apartment property was built in 1945 and consists of three one and two-story buildings centrally located in northwest Tampa.
“This property was an all cash transaction and the property produced a 10.12 percent cap rate on current numbers with a 30 percent vacancy” says Meoli.
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