A 24-unit multifamily property at 840 16th St. in Miami Beach has sold for $5.3 million, with Marcus & Millichap representing the transaction. The buyer was a private investment group based in New York, underscoring continued interest from out-of-area investors in South Florida’s rental housing market.
Key takeaways
- Marcus & Millichap announced the $5.3 million sale of 840 16th St. in Miami Beach.
- The property includes 24 apartments spanning 15,615 square feet.
- A private investment group from New York acquired the asset.
- The 1948-built property occupies a 0.35-acre site near transit and several major Miami Beach destinations.
Transaction details
Marcus & Millichap’s Felipe Echarte, Evan Kristol and Austin Michels procured the buyer for the transaction. Echarte, a senior managing director in the firm’s Fort Lauderdale office, said the purchase reflects sustained demand for South Florida investment properties among nonlocal buyers.
The sale adds to the flow of investment activity targeting established multifamily properties in Miami Beach, where limited land availability and proximity to employment, tourism and cultural destinations continue to support investor interest.
Property profile
Built in 1948, 840 16th St. contains 24 residential units across approximately 15,615 square feet. The property sits on 0.35 acres and provides residents with direct access to public transportation.
The asset is also located near the Miami Beach Botanical Garden, Miami Beach Convention Center and Miami Beach Golf Club. Its central location gives the property access to neighborhood amenities as well as the broader attractions that draw residents, visitors and businesses to Miami Beach.
Investor demand in South Florida
The acquisition by a New York-based investment group highlights the geographic reach of capital pursuing multifamily opportunities in South Florida. Although the buyer is not local, the transaction indicates that Miami Beach properties continue to attract investors seeking exposure to the region’s rental housing fundamentals.
Out-of-area buyers can bring additional competition to the market, particularly for smaller apartment properties with established locations and access to transportation. The transaction also illustrates the role of brokerage firms in connecting local assets with national investment capital.
Marcus & Millichap’s market presence
Marcus & Millichap specializes in commercial real estate investment sales, financing, research and advisory services. The company reported closing 8,818 transactions representing $50.8 billion in sales volume during 2025.
At the end of that year, the firm had 1,808 investment sales and financing professionals working from more than 80 offices across the United States and Canada. Its involvement in the Miami Beach sale reflects its broader focus on facilitating transactions between commercial property owners and investment buyers.
- 840 16th Street, Yield PRO.