Auction.com Announces Closing of Record Miami Multifamily Transaction

The circa-1920s rental units sold for $90,500/unit represent a per-unit record for original multifamily construction

IRVINE AND SILICON VALLEY, Calif. – Nov. 18, 2015 – Auction.com, LLC, the nation’s leading online real estate marketplace, today announces the closing of a pair of multifamily complexes representing the highest per-unit sales price for original 1920s construction in the Miami submarket of Auburndale/Little Havana. A pair of 8-unit rental properties at 2741 and 2749 SW 5th Street were sold on Auction.com for $1.449 million, or $90,562 per unit.

Originally constructed in 1925 and 1927, the properties were sold at auction Oct. 15 to high-bidder Juan C. Alarcon, a local investor represented by Luis Osio of Oasis International Realty Group. Manuel Cruz, another local businessman, was the seller. The auction garnered nine registered bidders.

“We are very pleased with the successful auction and closing of these multifamily properties in Miami, which not only represent the upside potential of multifamily assets in this market, but the success that can be achieved by selling stabilized commercial real estate on the Auction.com platform,” said Joe Cuomo, senior vice president of business development for Auction.com. “The Auction.com platform allows for assets such as these to be successfully marketed locally, nationally and internationally in order to find the top interested, qualified buyers — and that ultimately made the difference with this particular transaction.”

The 16 one-bed, one-bath units feature original construction with wood and tile floors. They include numerous capital improvements including the recent changing out of about half of the properties’ electric and plumbing. Like other 1920s-era buildings, they feature an underground crawlspace. The new owners should be able to capitalize on a strong Miami multifamily market that is seeing prices and rents on the uptick.

“These properties had been listed elsewhere for 18 months, but it took less than three months to find the right buyer after moving them over to Auction.com — while also uncovering their true market value,” said William Cabrera, Auction.com vice president of business development in Miami. “The traditional way of selling these assets did not wind up being the best option, and it was Auction.com’s unique platform that finally moved these properties.”

For more information on buying and selling commercial real estate on Auction.com, please call (844) 694-4975 for information on buying or (844) 694-4976 for selling.

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About Auction.com:  

Auction.com, LLC, is the nation’s leading online real estate marketplace. Founded in 2007, the company has sold more than $34 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, Calif., as well as offices in key markets nationwide. Visit www.auction.com for more information.