- Auction.com sale represents record high per-unit price
- Two 8-unit buildings in Little Havana sell on Auction.com after less than three months
- The buildings were originally constructed in the 1920s
The Miami rental market is as hot as ever, and the recent closing of two Miami multifamily buildings by Auction.com is proof of that. The buildings were on the market for 18 months prior to being listed with Auction.com, after which the buildings were properly valued and sold in less than three months.
The buildings were sold October 15 to Juan C. Alarcon for $1.449 million. He was the highest of nine bidders. The 1920s-era building features 16, one-bedroom, one-bathroom units with original wood and tile flooring.
“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 said in a statment.
The sale of the building represented a per-unit record of $90,500 for an original mulifamily construction. The buildings are located in Little Havana, a neighborhood just west of downtown Miami.