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1401 Southwest 1st Avenue, ...

Updated Oct 28, 2024

Snapbox Self Storage Acquires Self Storage Facility In Fort Lauderdale For $20.4M
SOLD

Snapbox Self Storage Acquires Self Storage Facility In Fort Lauderdale For $20.4M

1401 Southwest 1st Avenue, Fort Lauderdale, Florida 33315, United States

$20,400,000

$275/SF

Building Size

74,000 SF

Asset Type

—

Closing

Jan 20, 2022

About this deal

AI

Located at 1401 Southwest First Avenue in Fort Lauderdale, this self-storage facility was recently sold in a closed transaction. The property, owned by CH SS Fund-Storsafe Fort Lauderdale Poinciana Park LLC, was purchased by Snapbox Self Storage, represented by Jake Ramage.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $20,400,000
  • Units: 888
  • Price per Unit: $22,973
  • Square Footage: 74,000
  • Price per Square Foot: $276
  • Market: Fort Lauderdale
  • Buyer: Snapbox Self Storage - Jake Ramage
  • Seller: CH SS Fund-Storsafe Fort Lauderdale Poinciana Park LLC

This acquisition marks a significant investment in the self-storage market in Fort Lauderdale. The property consists of 888 units, with a total square footage of 74,000. The sale price of $20,400,000 translates to a price per unit of $22,973 and a price per square foot of $276. Snapbox Self Storage, led by Jake Ramage, recognized the potential of this self-storage facility in a growing market and made a strategic move to expand its portfolio.

On the Map

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$20,400,000

$275/SF

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Players

SS
Snapbox Self StorageBuyer
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Fort Lauderdale CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Deal FAQ

About $275 per square foot on a published $20.4M for 74,000 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.78%

Cash-on-Cash

-0.22%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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