April 15, 2021
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!
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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.