Marcus & Millichap Brokers $4.85M Sale Of Miami Apartment Building

Marcus & Millichap announced the sale of Carol International Apartments in Miami. The asset sold for $4.85 million.

“We received substantial interest in the property, generating multiple offers and a competitive bidding process that ultimately resulted in a sale above the asking price,” said Adam Marcuvitz, associate director investments in Marcus & Millichap’s Miami office. “The property’s location along the Miami River and favorable zoning made it a highly sought-after acquisition opportunity. Investors recognized the ability to generate near-term returns through a value-add business plan while preserving the option to capitalize on the site’s long-term redevelopment potential as the surrounding area continues to evolve.”

Marcuvitz, Joeseph Thomas, Ethan Krauss and Alec Demetriou of Marcus & Millichap exclusively marketed the property on behalf of the seller.

Carol International Apartments is located at 1701 NW 27th Ave. The property features a two-story, 14,550-square-foot building on a 0.67-acre lot. The 30-unit mix includes five studio apartments, 24 one-bedroom apartments, and one two-bedroom apartment. The property offers future redevelopment potential under current zoning.

The property is in Miami’s Little Havana neighborhood, just South of the Dolphin Expressway (state Route-836). It is walking distance to nearby neighborhood retail and recreational amenities and close to Miami International Airport.