Marcus & Millichap Arranges $5.3 Million Sale Of 24-Unit Multifamily In Miami Beach

The sale of a multifamily property located at 840 16th Street in Miami Beach, Florida, has been completed for $5,300,000. The 24-unit asset spans an area of 15,615 square feet and is situated on 0.35 acres of land. The property was constructed in 1948 and represents a price per unit of $220,833 and a price per square foot of $339.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,300,000
• Address: 840 16th Street
• Market: Miami Beach, FL
• Units: 24
• Square Footage: 15,615
• PPU: $220,833
• PPSF: $339
• Acres: 0.35

Marcus & Millichap facilitated the transaction, representing the buyer, a New York-based private investment group. The brokerage team involved in the deal consisted of Felipe Echarte, Evan Kristol, and Austin M. Michels, who were instrumental in procuring the buyer for the property.