Press Releases
Marcus & Millichap Brokers $5.3M Sale of Multifamily Property in Miami Beach, Florida
August 06, 2026
MIAMI BEACH, Fla., Aug. 6, 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 840 16th St., a 24-unit multifamily property in Miami Beach, Florida. The asset sold for $5.3 million.
“The property was purchased by an out-of-area investment group showing there is still a lot of demand for South Florida investment properties from nonlocal investors,” said Felipe Echarte, senior managing director in Marcus & Millichap’s Fort Lauderdale office.
Echarte, Evan Kristol and Austin Michels of Marcus & Millichap procured the buyer, a private investment group from New York.
The property consists of 15,615 square feet on a 0.35-acre lot. It was built in 1948. The apartments have direct access to public transportation and are near Miami Beach Botanical Garden, Miami Beach Convention Center and Miami Beach Golf Club.
“The property was purchased by an out-of-area investment group showing there is still a lot of demand for South Florida investment properties from nonlocal investors,” said Felipe Echarte, senior managing director in Marcus & Millichap’s Fort Lauderdale office.
Echarte, Evan Kristol and Austin Michels of Marcus & Millichap procured the buyer, a private investment group from New York.
The property consists of 15,615 square feet on a 0.35-acre lot. It was built in 1948. The apartments have direct access to public transportation and are near Miami Beach Botanical Garden, Miami Beach Convention Center and Miami Beach Golf Club.
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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.
