Marcus & Millichap has brokered the $5.3 million sale of 840 16th Street, a 24-unit multifamily property in Miami Beach, Florida. The transaction brought a private investment group from New York into the South Florida market, underscoring continued interest from out-of-area buyers in well-located rental properties.
Key takeaways
- Marcus & Millichap brokered the sale for $5.3 million.
- The 24-unit property is located at 840 16th Street in Miami Beach.
- A private investment group from New York acquired the asset.
- The property covers 15,615 square feet on a 0.35-acre site.
- The apartments are near public transportation and several major local attractions.
The transaction reflects ongoing demand for multifamily investment opportunities in South Florida, particularly from investors based outside the region.
Property details and location
Built in 1948, the property includes 24 apartments across 15,615 square feet. The asset occupies approximately 0.35 acres in Miami Beach, a market supported by residential, tourism and cultural activity.
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, providing proximity to employment, recreation and visitor-focused destinations.
Buyer interest highlights broader market demand
Felipe Echarte, senior managing director in Marcus & Millichap’s Fort Lauderdale office, said the purchase by an out-of-area investment group demonstrates that nonlocal investors continue to seek South Florida properties.
The buyer was procured by Marcus & Millichap professionals Felipe Echarte, Evan Kristol and Austin Michels. The acquisition by a New York-based private investment group adds to the evidence that Miami Beach remains visible to investors seeking multifamily assets beyond their home markets.
Marcus & Millichap’s role
Marcus & Millichap specializes in commercial real estate investment sales, financing, research and advisory services. Its platform serves buyers and sellers through offices across the United States and Canada.
The company reported closing 8,818 transactions totaling $50.8 billion in sales volume in 2025. At year-end, it had 1,808 investment sales and financing professionals across more than 80 offices, supporting transactions in multifamily and other commercial property sectors.
What the sale signals for Miami Beach
The sale illustrates how established multifamily properties in central Miami Beach can attract capital from outside Florida. While the transaction involves a single 24-unit asset, its buyer profile highlights the continued importance of South Florida in the investment strategies of private groups nationwide.
Sources
- 840 16th Street, Yield PRO.