Press Releases
Marcus & Millichap Brokers Sale of Six-Unit Multifamily Property Near the Miami River
February 23, 2026
MIAMI, Feb. 23, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 128 NW 9th Avenue, a six-unit multifamily property in Miami, Florida for $1,125,000.
“This transaction highlights the continued strength and global appeal of Miami’s urban core,” said Sofee Desai, associate investments. “The property traded at an in-place 4.9% cap rate to a foreign investor, demonstrating strong confidence in the Miami submarket and its long-term growth trajectory. The asset was operating with month-to-month leases, presenting a value-add opportunity with significant upside potential through strategic renovations and rental increases.”
Desai, Felipe Echarte and Evan P. Kristol, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Nick Correa.
Built in 1925, the property includes a mix of studio, two-bedroom and three-bedroom units. The asset is located in Little Havana, three blocks west of the Miami River and less than one mile from LoanDepot Park, with access to Flagler Street, Downtown Miami and Brickell.
“The sale ultimately reflects sustained investor demand for well-located assets in emerging neighborhoods positioned for continued revitalization and long-term appreciation,” Desai added.
“This transaction highlights the continued strength and global appeal of Miami’s urban core,” said Sofee Desai, associate investments. “The property traded at an in-place 4.9% cap rate to a foreign investor, demonstrating strong confidence in the Miami submarket and its long-term growth trajectory. The asset was operating with month-to-month leases, presenting a value-add opportunity with significant upside potential through strategic renovations and rental increases.”
Desai, Felipe Echarte and Evan P. Kristol, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Nick Correa.
Built in 1925, the property includes a mix of studio, two-bedroom and three-bedroom units. The asset is located in Little Havana, three blocks west of the Miami River and less than one mile from LoanDepot Park, with access to Flagler Street, Downtown Miami and Brickell.
“The sale ultimately reflects sustained investor demand for well-located assets in emerging neighborhoods positioned for continued revitalization and long-term appreciation,” Desai added.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
