Sanjay Patel, Neal Patel & Hiren Patel Acquire Self Storage Property In West Palm Beach For $8.8M
1460 Cherry Road, West Palm Beach, Florida 33409, United States
$8,800,000
$65/SF
Building Size
135,000 SF
Asset Type
—
Closing
Jan 16, 2022
About this deal
AI
A self storage property located at 1460 Cherry Road in West Palm Beach has been recently involved in a closed transaction. The property boasts a total area of 135,000 square feet and is categorized as a self storage asset. This transaction took place on January 17, 2022.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $8,800,000
- Address: 1460 Cherry Road, West Palm Beach
- Market: West Palm Beach
- Landlord: Sanjay Patel, Neal Patel, and Hiren Patel - MHG Hotels
- Loan Type: New Construction Loan
The key individuals and companies involved in this transaction include the landlords, Sanjay Patel, Neal Patel, and Hiren Patel, who represent MHG Hotels. They own the property and are responsible for managing it. Additionally, it is worth noting that more information about this property and the landlords can be found on the website of MHG Hotels www.mhghotelsllc.com.
On the Map
$8,800,000
$65/SF
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93