Broadview Sells 164-Bed Student Housing In Tallahassee For $6.1M With Marcus & Millichap Brokers
2309 Old Bainbridge Road, Tallahassee, Florida 32303, United States
$6,125,000
Building Size
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Asset Type
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Closing
Oct 17, 2022
AI
A student housing property located at 2309 Old Bainbridge Road in Tallahassee has been sold for a price of $6,125,000. The property, situated on a 5.14-acre lot, consists of 41 units and a total of 164 beds. The sale price per unit was approximately $1,493,902, while the price per bed was around $373,476. The transaction took place on October 18, 2022.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $6,125,000
- Address: 2309 Old Bainbridge Road, Tallahassee
- Market: Tallahassee
- Total Acres: 5.14
- Units: 41
- Beds: 164
- Price per Unit (PPU): $1,493,902
- Price per Bed (PPB): $373,476
The seller of the property was Broadview, and the transaction was facilitated by Matthew Prozzillo and Benjamin Skinner from Marcus & Millichap.
Players
Tallahassee 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
2.59%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93