Andover Properties Acquires Self Storage Property In Margate For $18.5M
SOLD
$18,510,000
Florida
See Similar Deals133,872 SF
Sold 02/02/2022
SOLD
Andover Properties Acquires Self Storage Property In Margate For $18.5M
5600 Northwest 31st Street, Margate, Florida 33063, United States
See Similar Deals133,872 SF
Sold 02/02/2022
Summary
FLORIDA
Price Per Square Foot:$138
Total Square Footage:133,872 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$987,199.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$65,762.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$87,746.84
Annual Debt Service$1,052,962.12
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