For Immediate Release (11/7/2019)
Fabio Faerman CCIM, of FA Commercial – a commercial division of Fortune International Realty – just closed the deal for a 7,056 square foot multifamily property at 253 NE 34th St in Miami’s Midtown district for $1,900,000, which translates to $269 per square foot. Faerman represented the seller in the transaction.
The two story property consists of 12 units, which are a mix of studio and 2 bedroom residential units, and has a cap rate of 2.6%. The building will be demolished for a new development project. The Midtown district has been experiencing great development and traffic thanks to new projects in the area like the Hyde Midtown Hotel & Residences, Midtown 8 and Midtown 29 high-rise apartments.
About FA Commercial Advisors
FA Commercial is a specialized team led by Fabio Faerman focusing on Investment sales, landlord & tenant representation, market analysis, site selection, strategy selection, and portfolio overview. Our approach is distinctive, comprehensive, and thorough. We capitalize on opportunities and provide clients with strategies for their real estate properties. Fabio Faerman is the director of the commercial division at Fortune International Realty where he has been the top producer for 6 years in a row. Since 2002, Fabio and his team have sold and lease over $1Billion in assets across South Florida.