Morningstar Properties Acquires Flagler Village Self Storage For $30M
SOLD
$30,000,000
Florida
See Similar Deals135,679 SF
Sold 04/15/2022
SOLD
Morningstar Properties Acquires Flagler Village Self Storage For $30M
421 Northwest 1st Avenue, Fort Lauderdale, Florida 33301, United States
See Similar Deals135,679 SF
Sold 04/15/2022
Summary
FLORIDA
Price Per Square Foot:$221
Total Square Footage:135,679 SF
Transaction Type:Sale
The self storage property at 421 Northwest First Avenue & 125 Northwest Fourth Street in Flagler Village, Fort Lauderdale has been sold for a total of $30,000,000. The property spans across 135,679 square feet, resulting in a price per square foot of $221. The transaction took place on April 15, 2022.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $30,000,000
- Address: 421 Northwest First Avenue & 125 Northwest Fourth Street
- Market: Flagler Village, Fort Lauderdale
- Buyer: Morningstar Properties - Dave Benson
- Seller: Alan Hooper & Tim Petrillo - Urban Street Development
- Square Footage: 135,679
- Price Per Square Foot: $221
The buyer of the property is Morningstar Properties, represented by Dave Benson. Alan Hooper and Tim Petrillo, from Urban Street Development, served as the sellers in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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