Marcus & Millichap : Brokers $5.89 Million for 31-Unit Multifamily Complex in Little Havana

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MIAMI, July 12, 2022 – 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 29th & Flagler Apartments in Little Havana, the area renowned for its Cuban diaspora in the heart of Miami, Florida. The multifamily complex sold for $5.89 million or $414.47 per square foot.

The 29th & Flagler Apartments is comprised of two separate buildings located at 2940 West Flagler Street (nine units) and 2960 West Flagler Street (22 Units) two 30 duplex buildings for a combined total of 0.69 acres with rentable square feet of 14,211. Built in 1960, the one- and two-story property features one bedroom/one-bathroom units with an average size of 458 sq. ft. With dedicated off-street parking.

“This was a rare opportunity to acquire a 31-unit complex in one of the best locations in Little Havana,” said Alejandro Gonzalez, first vice president investments. “The buyer, a local and experienced investor, acquired the property all cash. He plans to renovate all the units and hold it long term.”

Gonzalez, 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 private investor. The property was purchased by a Miami-based limited liability company.

29th & Flagler Apartments is within walking distance of public transportation, commercial activity on West Flagler Street and Publix Supermarket on Douglas Road (37th Avenue). The property is within 15 minutes of LoanDepot Park, home of the Miami Marlins, Calle Ocho Walk of Fame, and The Wharf Miami.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.