TAMPA, FL—Can you say revival? That's the word from Marcus & Millichap's Tampa office. The commercial real estate services firm just brokered the sale of 2002 Armenia Apartments, a 12-unit multifamily property.

The sale price was $505,000. The price may not sound impressive, but the trend the sale bolsters is worth noting.

James Vestal, an investment specialist in M&M's Tampa office, had the exclusive listing to market the property on behalf of the seller, a local private investor. Vestal also found the right buyer of the property, a private investor from Orlando.

“Old West Tampa is a great example of the reviving neighborhoods that sit adjacent to SOHO and Hyde Park,” says Vestal. “We will continue to see a large demand for multifamily properties as those neighborhoods recover and thrive.”

Built in 1974, Armenia Apartments is located in the up and coming “Old West” Tampa neighborhood at 2002 North Armenia Avenue. The property sits on 0.44 acres and offers 12 two-bedroom/one-bathroom apartments that are about 800 square feet each.