Fotis and Amigon of Marcus & Millichap complete 26-unit bldg. sale

Marcus & Millichap has recently closed on two area sales totaling $4.39 million. The firm completed the sale of a 26-unit, multifamily property located at 199 Bay 17th St. for $2.77 million. The sale price reflects $126 per s/f, a capitalization rate of 5.25% and a gross rent multiplier of 10.42. Matthew Fotis and Dolly Amigon exclusively represented the seller and secured the buyer in this sale. Marcus & Millichap has also sold a 4,750 s/f mixed-use property, according to J.D Parker, regional manager of the firm's area office. The property located at 71 Atlantic Ave. has approximately 2,250 s/f of residential space, 2,000 s/f of commercial space and is zoned R6. The asset commanded a sales price of $1.62 million which was $20,000 over list price. The sale price reflected $341 per s/f and a capitalization rate of 3.3%. Fotis and Matthew Rosenzweig had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Fotis and Daniel O'Brien, investment specialists in Marcus & Millichap's area office. With more than 1,300 investment professionals in offices nationwide, Encino, Calif.-based Marcus & Millichap Real Estate Investment Services is the largest commercial real estate brokerage in the nation focusing exclusively on real estate investments. In 2007, the firm closed $20.7 billion in transactions. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization; local market expertise; the industry's most comprehensive research and analysis capabilities; state-of-the-art technology; and established relationships with the largest pool of qualified investors nationally.