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Broadview Sells 164-Bed Student Housing In Tallahassee For $6.1M With Marcus & Millichap Brokers

Property Image
SOLD
$6,125,000
Matthew (Matt) Prozzillo
Ben Skinner

Florida

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Sold 10/18/2022
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Property Image
SOLD

Broadview Sells 164-Bed Student Housing In Tallahassee For $6.1M With Marcus & Millichap Brokers

2309 Old Bainbridge Road, Tallahassee, Florida 32303, United States

See Similar Deals
Sold 10/18/2022
Matthew (Matt) Prozzillo
Ben Skinner
the dealplayerscompscontact
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Summary

FLORIDA
Transaction Type:Sale

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

Matthew (Matt) Prozzillo
Marcus & Millichap
Matthew Prozzillo
14 deals$71.9M volume
BROKER
Ben Skinner
Marcus & Millichap
Ben Skinner
13 deals$71.9M volume(407) 557-3889
BROKER

Details

SOLD
IMAGE: Matthew Prozzillo & Benjamin Skinner DATE: 10/18/2022 ADDRESS: 2309 Old Bainbridge Road MARKET: Tallahassee ASSET TYPE: Student Housing ~ ACRES: 5.14 SELLER: Broadview BROKERS: Matthew Prozzillo (@MattProzzillo) & Benjamin Skinner - Marcus & Millichap (@MarcusMillichap_Fl) SALE PRICE: $6,125,000 UNITS: 41 ~ PPU: $1,493,902 BEDS: 164 ~ PPB: $373,476

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$326,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$21,760.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,035.62
Annual Debt Service$348,427.50