Marcus & Millichap has arranged the $5.3 million sale of 840 16th St., a 24-unit multifamily property in Miami Beach, Florida. A private investment group based in New York acquired the asset, highlighting continued interest in South Florida apartment properties from buyers outside the region. The brokerage’s Fort Lauderdale team represented the transaction.
Key takeaways
- 840 16th St. sold for $5.3 million.
- The Miami Beach property contains 24 apartments totaling 15,615 square feet.
- A New York-based private investment group purchased the asset.
- Marcus & Millichap executives Felipe Echarte, Evan Kristol and Austin Michels procured the buyer.
The transaction places the property’s sale price at approximately $220,800 per unit. Financial terms beyond the purchase price, including the buyer’s planned investment strategy, were not disclosed.
Property details
Built in 1948, the multifamily property occupies a 0.35-acre site in Miami Beach. Its location provides residents with access to public transportation and proximity to several area destinations, including the Miami Beach Botanical Garden, Miami Beach Convention Center and Miami Beach Golf Club.
The combination of an established building, a central Miami Beach location and access to local amenities helped position the asset for investment interest. The property’s relatively compact scale also fits the profile of private groups seeking apartment assets in established South Florida neighborhoods.
Out-of-area demand remains a factor
Felipe Echarte, senior managing director in Marcus & Millichap’s Fort Lauderdale office, said the purchase by an out-of-area group reflects ongoing demand for South Florida investment properties from nonlocal investors.
The New York buyer’s participation underscores the broader geographic reach of capital targeting the region. Miami Beach remains an internationally recognized residential and tourism market, giving multifamily properties exposure to sustained demand for housing near employment, entertainment and cultural destinations.
Marcus & Millichap’s role
Echarte, Kristol and Michels of Marcus & Millichap sourced the buyer for the transaction. The brokerage specializes in commercial real estate investment sales, financing, research and advisory services across the United States and Canada.
The company reported closing 8,818 transactions with a combined sales volume of $50.8 billion in 2025. At year-end, it had 1,808 investment sales and financing professionals working across more than 80 offices, supporting buyers and sellers of commercial real estate.
Sources
- 840 16th Street, Yield PRO.