A mixed-use property in Fairview — Courtesy: Marcus & Millichap
By Joshua Burd
A multifamily and retail property in Fairview has changed hands for nearly $3 million, following a sale arranged by brokers with Marcus & Millichap.
The firm announced that an unnamed LLC has acquired the property, which includes eight residential units and five commercial spaces, with a garage and parking lot in the rear of the building. The property is located on Anderson Avenue at the intersection of Garfield Street.
Marcus & Millichap investment specialists Daniel Aviles and Andrew M. Zuckerman procured the buyer in the $2.88 million deal.
“This was a great example of being able to leverage our 1031 exchange buyer pool,” Aviles said. “The buyer had originally passed on the deal, but then called us back up after deciding to use it as an up-leg in his exchange.
“In the end, the seller received over ($200,000 per unit) for his property, an incredible price in a rising interest rate and the buyer was able to secure a great asset with steady cash-flow and tremendous upside, in a market with very low inventory.”
