Life Storage Acquires Miami Storage Facility For $43.5M From Seller Joseph Kirchhoff
SOLD
$43,500,000
Florida
See Similar Deals246,268 SF
Sold 11/01/2021
SOLD
Life Storage Acquires Miami Storage Facility For $43.5M From Seller Joseph Kirchhoff
201 Northwest 37th Avenue, Miami, FL 33125, USA
See Similar Deals246,268 SF
Sold 11/01/2021
Summary
FLORIDA
Price Per Square Foot:$176
Total Square Footage:246,268 SF
Transaction Type:Sale
A storage facility located at 201 Northwest 37th Avenue in Miami, spanning across 2.5 acres, has been sold for a total price of $43,500,000. The transaction took place on November 1, 2021. The facility offers approximately 246,268 square feet of space, equating to a price per square foot of $177.
Summary of transation details
- Property Type: Storage Facility
- Transaction Amount: $43,500,000
- Address: 201 Northwest 37th Avenue, Miami
- Market: Miami
- Acreage: 2.5
Life Storage, represented by Joseph Saffire, acquired the storage facility from Kirchhoff Companies, represented by Joseph Kirchhoff. The transaction marked a significant investment in Miami's storage facility market.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,320,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$154,546.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$206,212.19
Annual Debt Service$2,474,546.31
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