Andover Properties Acquires Self Storage Property In Margate For $18.5M
5600 Northwest 31st Street, Margate, Florida 33063, United States
$18,510,000
$138/SF
Building Size
133,872 SF
Asset Type
—
Closing
Feb 1, 2022
About this deal
AI
Located at 5600 NW 31st St in Margate, this self-storage property spans across 2.6 acres. With a total square footage of 133,872, the property was recently sold on February 2, 2022.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $18,510,000
- Price per Square Foot: $138
Andover Properties, represented by Brian Cohen, acquired the property from 3L Capital. The sale price of $18,510,000 reflects the value of this self-storage asset in the Margate market.
The commercial sale at 5600 Northwest 31st Street, Margate, Florida 33063, United States in Margate, Florida sold for $18.5M in 2022. The building is 133,872 square feet, implying about 138 per square foot on the published price. Named participants on the 5600 Northwest 31st Street, Margate, Florida 33063, United States sale are Brian Cohen. This page is the Margate, Florida file for the 5600 Northwest 31st Street, Margate, Florida 33063, United States commercial sold: pricing, party profiles, and other closed commercial comps from the same Margate sit in the Market section below. Filter that Margate commercial set by closing date to see what else sold near 5600 Northwest 31st Street, Margate, Florida 33063, United States around 2022. Published consideration for 5600 Northwest 31st Street, Margate, Florida 33063, United States is $18.5M, dated 2022. Cite this Andover Properties Acquires Self Storage Property In Margate For $18.5M sale when underwriting similar commercial product around Margate, Florida.
Margate CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93