Journey Church Acquires Church In West Palm Beach From Community Of Hope Church For $9.995M
SOLD
$9,995,000
Florida
See Similar DealsChurch63,850 SF
Sold 07/24/2024
SOLD
Journey Church Acquires Church In West Palm Beach From Community Of Hope Church For $9.995M
2341 South Military Trail
See Similar DealsChurch63,850 SF
Sold 07/24/2024
Summary
FLORIDA
Asset Type:Church
Price Per Square Foot:$156
Total Square Footage:63,850 SF
Transaction Type:Sale
The property involved in this transaction is a church located at 2341 South Military Trail in West Palm Beach. The sale price of the asset was $9,995,000, and it encompasses a total square footage of 63,850. The price per square foot amounts to $156.
Summary of transation details:
- Property Type: Church
- Transaction Amount: $9,995,000
- Square Footage: 63,850
- Price Per Square Foot: $156
- Buyer: Journey Church
- Seller: Community of Hope Church
- Broker: Aaron Oken - The Oken Group - Signature International Premier Properties
The transaction was facilitated by broker Aaron Oken, representing The Oken Group of Signature International Premier Properties. The deal reflects the active engagement of both the buyer and the seller in the West Palm Beach market, showcasing the efforts of the brokerage in successfully concluding the sale.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,066.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,510.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,381.40
Annual Debt Service$568,576.79
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