Life Storage Acquires Miami Storage Facility For $43.5M From Seller Joseph Kirchhoff
201 Northwest 37th Avenue, Miami, FL 33125, USA
$43,500,000
$176/SF
Building Size
246,268 SF
Asset Type
—
Closing
Nov 1, 2021
AI
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
Miami CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93