Marcus & Millichap Brokers $5.3M Sale of 24-Unit Multifamily Property in Miami Beach
Marcus & Millichap (NYSE: MMI) has arranged the $5.3 million sale of a 24-unit multifamily property at 840 16th St. in Miami Beach, Florida, the firm announced Aug. 6, 2026. The buyer is a private investment group based in New York.
Deal Details
The property spans 15,615 square feet on a 0.35-acre lot and was built in 1948, placing it among Miami Beach's older apartment stock. At the reported sale price, the transaction implies a price of approximately $339 per square foot. The building offers residents direct access to public transportation and is situated near Miami Beach Botanical Garden, Miami Beach Convention Center, and Miami Beach Golf Club.
Felipe Echarte, senior managing director in Marcus & Millichap's Fort Lauderdale office, along with colleagues Evan Kristol and Austin Michels, procured the buyer.
Out-of-Area Demand Drives the Transaction
"The property was purchased by an out-of-area investment group showing there is still a lot of demand for South Florida investment properties from nonlocal investors," Echarte said.
The transaction reflects a pattern of capital flowing from higher-cost gateway markets such as New York into South Florida multifamily assets. The 1948-vintage building's value proposition centers on its location and existing income stream rather than new-construction amenities, consistent with how buyers have been underwriting older, well-located apartment properties in supply-constrained coastal submarkets.
Market Context
South Florida multifamily assets have continued to attract nonlocal investors even as apartment market conditions have normalized from post-pandemic peaks in many U.S. markets. National multifamily vacancy stood at 4.6% in a recent period cited in Marcus & Millichap market commentary, indicating some softening but still relatively tight conditions by commercial real estate standards. Industry benchmarks commonly frame stabilized multifamily occupancy in the range of 90% to 95%, a threshold that informs how buyers underwrite long-term hold value around income durability rather than near-term rent appreciation.
Cap rate, occupancy, and loan terms were not disclosed in connection with this transaction.
About Marcus & Millichap
Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices. The firm closed 8,818 transactions in 2025 with approximately $50.9 billion in total sales volume.