Marcus & Millichap Closes Multifamily Sale In Miami’s Little Havana

Marcus & Millichap announced the sale of Casa Arcos, a multifamily property located at 120 SW 20th Ave in Miami’s Little Havana neighborhood for $1,175,000.

“The sale of 120 SW 20th Ave is a defining transaction for Little Havana. By achieving a sale price of $510 per square foot, a record-setting price this year, this deal reflects the high demand we’re seeing from 1031 exchange buyers seeking well-located, value-add assets,” said Sofee Desai, Associate Investments, in Marcus & Millichap’s Fort Lauderdale office. “Multiple offers and a highly competitive bidding environment drove pricing and speaks directly to the access our team has to qualified, aggressive capital.”

Desai, along with Evan P. Kristol, Felipe Echarte and Austin Michels of Marcus & Millichap, exclusively marketed the property on behalf of the seller, Yvette Fernandez, and procured the buyer, Miguel Mesa.

Casa Arcos is a two-story apartment property with six units on a 5,940-square-foot lot. The unit mix includes one-bedroom and two-bedroom apartments. The property sits in Little Havana’s central corridor between Flagler Street and Calle Ocho, within walking distance of public transit, retail and neighborhood amenities.

Recent improvements include a new roof and electrical system, impact windows and doors, and renovations to most of the units.