The Tamiami Trail Trust Acquires Hotel In Sarasota For $8M
SOLD
$8,000,000
Florida
See Similar DealsHotel
Sold 03/11/2022
SOLD
The Tamiami Trail Trust Acquires Hotel In Sarasota For $8M
1425 Tamiami Trail, Sarasota, Florida 34239, United States
See Similar DealsHotel
Sold 03/11/2022
Summary
FLORIDA
Asset Type:Hotel
Transaction Type:Sale
The property involved in this transaction is a hotel located at 1425 S. Tamiami Trail in Sarasota. The property spans over 2.2 acres and is represented by Jag Grewal from Ian Black Real Estate. The sale took place on March 11, 2022. The buyer of the property is The Tamiami Trail Trust.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $8,000,000
- Address: 1425 S. Tamiami Trail, Sarasota
- Market: Sarasota
- Acres: 2.2
The sale price for this hotel property was $8,000,000. The transaction included 99 keys and the price per key (PPK) was $80,808. Jag Grewal from Ian Black Real Estate represented the buyer, The Tamiami Trail Trust, in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98
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