TAMPA, Fla., February 10, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Genesee, a 8-unit apartment property located in Tampa, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $470,000.

Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Miles Tombrink, Casey Babb, CCIM, Luis Baez, Miles Tombrink and Shawn Rupp.

“Genesee provided investors an opportunity to acquire a vacant property which was recently rezoned from office warehouse to 8 multifamily units. Due to its highly desirable location in the burgeoning submarket of Seminole Heights and value-add component, we were able to coordinate 22 property tours and obtain 7 written offers before reaching an agreement with a buyer out of New York that closed 42 days after the effective date of contract,” Miles Tombrink said.

Genesee is located at 111 West Genesee Street in Tampa, FL. The property located in the Seminole Heights submarket of Tampa, Florida in Hillsborough County situated on 0.23 acres. The property consists of one, two-story building with plans to build out eight one-bedroom/one-bathroom units that are each 800 square feet. The building is 1940s concrete block construction with a flat roof and was recently painted on the exterior with all of the windows re-glazed. Future tenants will have access to ample off-street parking and in-unit washer/dryer. Residents are convenienced by the proximity to major interstates and roadways which provides easy access to an abundance of jobs and entertainment.
           Genesee is conveniently located 0.41 miles west of Interstate-275, a major north-south thoroughfare giving access to Downtown Tampa (60,000 employees and five-minute drive) and Westshore Business District (94,000 employees and ten-minute drive). Situated just minutes from employers and employment hubs, the property offers residents a central location with convenient access to many jobs. Major points of interest close to Genesee include Busch Gardens and Adventure Island (four miles and 3,000 employees), University of South Florida (approximately five miles and 16,000 employees) and University Mall (five miles) which is undergoing a massive mixed-use repositioning and bringing in major national tenants.

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.

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