Gilad Ovaknin Acquires Daytona Beach Hotel For $12.5M
SOLD
$12,550,000
+ 1
Florida
See Similar DealsHotel39,204 SF
Sold 12/21/2022
SOLD
Gilad Ovaknin Acquires Daytona Beach Hotel For $12.5M
301 South Atlantic Avenue
See Similar DealsHotel39,204 SF
Sold 12/21/2022
+ 1
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$320
Total Square Footage:39,204 SF
Transaction Type:Sale
The hotel located at 301 South Atlantic Avenue in Daytona Beach has been sold for a total price of $12,550,000. The property spans a total area of 39,204 square feet, resulting in a price per square foot of $320. The transaction took place on December 21, 2022.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $12,550,000
- Address: 301 South Atlantic Avenue, Daytona Beach
- Market: Daytona Beach
- Buyer: Gilad Ovaknin
- Seller: Bhakta Sahdev
- Brokers: Ahmed Kabani, Kian Mclean & Lucas Mondino - Marcus & Millichap
- Square Footage: 39,204
- Price per Square Foot: $320
Ahmed Kabani, Kian Mclean, and Lucas Mondino from Marcus & Millichap represented the parties involved in the transaction as the brokers. They facilitated the deal between the buyer, Gilad Ovaknin, and the seller, Bhakta Sahdev.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$669,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$44,587.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,493.40
Annual Debt Service$713,920.83
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