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 Abbott Arms, a 25-unit apartment property located in Miami Beach, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,000,000.
Evan P. Kristol, executive managing director investments, and Felipe J. Echarte, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an undisclosed individual/personal trust.
“Abbott Arms will provide the buyer the opportunity to add value by renovating the buildings and the units, as well as taking advantage of the hospitality license which had not been utilized,” said Echarte.
Abbott Arms is located at 7830 & 7834 Abbott Ave in the North Shore area of Miami Beach, FL. It is located just two blocks from the beach and within walking distance of local restaurants, shops, and other new and upcoming developments in North Beach.
The 7830 Abbott Avenue property is an eight-unit, two-story building built in 1963 with MiMo architecture, and the 7834 Abbott Avenue location is a 17-unit building built in 1940 with Art Deco architecture. The combined units feature a mix of 16 one-bedroom units, eight two-bedroom units and, one studio. The buildings sit on a .39 acre corner site consisting of three lots, with the potential to add 5,0977 of rentable square feet.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
