A 24-unit multifamily property at 840 16th St. in Miami Beach has sold for $5.3 million in a transaction brokered by Marcus & Millichap. The sale highlights continued interest in South Florida apartment investments from out-of-area buyers, including a private investment group based in New York.
Key takeaways
The transaction brings a centrally located Miami Beach apartment asset under new ownership and underscores the appeal of the region to nonlocal investors.
- Marcus & Millichap brokered the $5.3 million sale.
- The property includes 24 apartments totaling 15,615 square feet.
- A private New York investment group purchased the asset.
- The 1948-built property sits on a 0.35-acre lot near major Miami Beach destinations.
Details of the transaction
Marcus & Millichap’s Felipe Echarte, Evan Kristol and Austin Michels procured the buyer for the property. Echarte, senior managing director in the firm’s Fort Lauderdale office, said the acquisition reflects ongoing demand for South Florida investment properties from investors outside the region.
The buyer is a private investment group from New York. Financial terms beyond the reported $5.3 million purchase price were not disclosed.
Property profile and location
Built in 1948, the property contains 24 multifamily units across approximately 15,615 square feet. The building occupies a 0.35-acre site in Miami Beach, a market supported by tourism, employment centers and limited developable land.
Residents have direct access to public transportation. The property is also located near the Miami Beach Botanical Garden, Miami Beach Convention Center and Miami Beach Golf Club, placing it close to cultural, recreational and convention-related amenities.
Broader investment significance
The transaction illustrates how Miami Beach continues to attract capital from investors based beyond Florida. For buyers, established multifamily properties in dense coastal neighborhoods can offer access to existing rental demand and proximity to employment, entertainment and transportation hubs.
The sale also reflects the role of brokerage firms in connecting local assets with national investment groups. Marcus & Millichap reported closing 8,818 transactions totaling $50.8 billion in sales volume during 2025, supported by more than 1,800 investment sales and financing professionals across its U.S. and Canadian offices.
- 840 16th Street, Yield PRO.