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Sales Comparables: According to CoStar 42 Multi-Family properties were sold in Q1 2020 (see map above), containing between 5 - 50 units. Note also that there are 16 additional properties listed today as being "Under Contract" to be sold, with listing prices/unit ranging from $82,300 for a 12 unit building in Miami, to $400,000 for an 6 unit building located in Miami Beach.
The most expensive sale in Q1 2020 (see photo above) was for the property located at 225 179th Dr Sunny Isles Beach, FL 33160 (Bella Condos), $444,706/unit, or $7,560,000 for the 17 unit building, built in 2007.
The least expensive sale recorded by CoStar was for the property located at 810 7th Street Miami, FL 33139, $11,389/unit, or $205,000 for the 18 unit building, built in 1940.
Summary/Notes: With the current unsettled state of our markets there is growing discussion about increased interest in affordable class "B" and lower Multi-Family properties, for investment. Analysts are offering opinions that with market-wide job losses there may be increased demand for lower cost rental housing throughout South Florida.
Please contact us today if we can provide you any additional details about Q1 2020 Multi- Family market transactions, or to discuss and evaluate your property ownership needs and plans!
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