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
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.
Margate CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
Loading comparables…
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