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The Multifamily Firm Brokers Sale of 16-Unit Multifamily Property in Sarasota, Florida

The Multifamily Firm Brokers Sale of 16-Unit Multifamily Property in Sarasota, Florida

April 15, 2021


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The Multifamily Firm is proud to announce the sale of the Magellan Building in Sarasota, Florida. The Magellan Building is a 16-unit weekly rental property that specifically caters to a working-class / affordable housing tenant base and provides a turn-key living environment. The property consists of 100% studio units ranging from 200-300 SF each, equipped with a refrigerator, microwave, kitchenette area without a stove, and private bathroom.

Despite the uniqueness of the operation, the property received multiple offers and went under contract within 2 weeks of being on the market. Through the multiple offer process, Phil Ginexi & Kyle Keelan of The Multifamily Firm negotiated an all-cash deal at 96% of list price, with a substantial escrow deposit becoming non-refundable within 7 days of contract execution. The transaction closed at the contract price of $1,100,000 within 30 days of contract execution, which tallies to a total marketing / disposition timeline of just under 50 days from the start of marketing to closing!

Through a rigorous national/international marketing campaign, the offering generated 238 registered buyers from 27 different states and ultimately resulted in the sourcing a new to market international buyer that acquired the asset. The transaction was brokered by Phil Ginexi & Kyle Keelan of The Multifamily Firm and further demonstrates the continued surge in demand for multifamily assets in Florida!

For information other offerings, please contact us directly to join our distribution list for access to new exclusive listings before they hit the market!

MULTIFAMILY PROPERTY SALE IN SARASOTA, FL HIGHLIGHTS:

  • Price: $1,100,000
  • Negotiated a Cash Deal at 96% of the List Price with a Substantial Escrow Deposit Non-Refundable Within 7 Days of Contract Execution
  • Sourced an International Buyer That Closed at the Contract Price Within 30 days of Contract Execution
  • Produced Multiple Offers & Went Under Contract Within 2 Weeks of Marketing
  • Rigorous Marketing Campaign that Generated 238 Registered Buyer/ Principals From 27 Different States
  • Unique Weekly Rental Operation Accommodating a Working-Class / Affordable Housing Tenant Base & Providing a Turn-Key Living Environment
  • Consists of 16 Studio Units Equipped with a Refrigerator, Microwave, Kitchenette Area Without a Stove, and Private Bathroom
  • Substantial Interior & Exterior Capital Improvements Completed Within the Last 3 Years
  • Located to the North of Downtown Sarasota in Manatee County and Positioned Nearby an Abundance of National Retailers & Major Employment Centers.

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