Gilad & Avraham Ovaknin Acquire Hotel In Saint Petersburg For $7M
SOLD
$7,000,000
Florida
See Similar DealsHotel25,436 SF
Sold 06/11/2021
SOLD
Gilad & Avraham Ovaknin Acquire Hotel In Saint Petersburg For $7M
10750 Gulf Blvd, St. Pete Beach, FL, USA
See Similar DealsHotel25,436 SF
Sold 06/11/2021
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$275
Total Square Footage:25,436 SF
Transaction Type:Sale
The hotel located at 10750 Gulf Blvd in Saint Petersburg has been sold in a recent transaction. The property spans approximately 25,436 square feet and was sold for a price of $7,000,000, resulting in a price per square foot of $275. The sale took place on 06/11/2021.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $7,000,000
- Address: 10750 Gulf Blvd, Saint Petersburg
- Market: Saint Petersburg
Gilad & Avraham Ovaknin were the buyers of the hotel, while David M. King acted as the seller. The transaction was facilitated by their respective representatives.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85
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