Mitch Banchik Acquires Mixed-Use Investment Property From Tammy Hughes For $3,250,000 In Miami Beach

901 Pennsylvania Avenue is a mixed-use investment property located in Miami Beach, consisting of six residential units and four ground-floor commercial spaces. The property spans 7,387 square feet and was sold for $3,250,000, resulting in a price per unit of $325,000 and a price per square foot of $439.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $3,250,000
• Units: 10
• Square Footage: 7,387
• Price per Unit: $325,000
• Price per Square Foot: $439
• Buyer: Mitch Banchik
• Seller: Tammy Hughes
• Brokers: Jesse Spencer & Joe Biscaha - Compass

Jesse Spencer and Joe Biscaha of J+ Group at Compass Commercial represented both Mitch Banchik and Tammy Hughes in the transaction. The deal connected an out-of-state seller with a 1031 exchange buyer, facilitating the acquisition of the property featuring prominent frontage along Pennsylvania Avenue and 9th Street, along with available ground-floor commercial spaces for lease.