Michael Daniel Acquires Hotel In Fort Lauderdale For $10M
3001 North Federal Highway, Fort Lauderdale, FL, USA
$10,000,000
$98/SF
Building Size
102,000 SF
Asset Type
Hotel
Closing
Nov 28, 2019
AI
The Hotel located at 3001 N. Federal Highway in Fort Lauderdale was sold on November 29, 2019. The property spans across a total square footage of 102,000 and consists of 105 units. The sale price for this transaction was $10,000,000, resulting in a price per square foot of $98 and a price per unit of $95,238.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $10,000,000
- Address: 3001 N. Federal Highway, Fort Lauderdale
- Market: Fort Lauderdale
The seller of this property was Soneet R. Kapila, while the buyer was Michael Daniel. The deal was facilitated by brokers Scott Havericak, Joseph P. Thomas, Robert S. Hunter, Adam G. Duncan, Aaron Connor, and Tyler B. Carbonelli from Marcus & Millichap.
Players
Fort Lauderdale Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93