The Tamiami Trail Trust Acquires Hotel In Sarasota For $8M
1425 Tamiami Trail, Sarasota, Florida 34239, United States
$8,000,000
Building Size
—
Asset Type
Hotel
Closing
Mar 10, 2022
About this deal
AI
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.
On the Map
$8,000,000
Hotel
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Sarasota Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93