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Condra Property Group Acquires Hollywood Hotel For $6.3M

Property Image
SOLD
$6,300,000
Allen Konstam

Florida

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Hotel17,500 SF
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Property Image
SOLD

Condra Property Group Acquires Hollywood Hotel For $6.3M

320 McKinley St

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Hotel17,500 SF
Allen Konstam
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Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$360
Total Square Footage:17,500 SF
Transaction Type:Sale

The hotel located at 320 McKinley St in Hollywood, FL has been sold in a recent transaction. The property, which spans 17,500 square feet, was purchased by Condra Property Group for a total price of $6,300,000. The sale price equates to a price per square foot of $360. The hotel features 10 keys, with a per key price of $630,000.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $6,300,000
  • Address: 320 McKinley St, Hollywood, FL
  • Market: Hollywood, FL
  • Square Footage: 17,500

Condra Property Group, represented by Mark Drachman, Allen Konstam, and Ira Chaimovits, acquired the property. The seller, VG Invest Zion, represented by Victor Goldenberg, successfully completed the transaction. The deal signifies the involvement of these key individuals and companies in the hotel's ownership transfer.

Players

9 deals$235.4M volume
BUYER

Allen Konstam
7 deals$158.4M volume
BUYER

Details

SOLD
IMAGE: Allen Konstam, Ira Chaimovits & Mark Drachman DATE: 11/15/2022 ADDRESS: 320 McKinley St MARKET: Hollywood, FL ASSET TYPE: Hotel BUYER: Condra Property Group (@Condra_Property_Group) - Mark Drachman (@MarkDrachman), Allen Konstam (@AllenKonstam1) & Ira Chaimovits SELLER: VG Invest Zion - Victor Goldenberg SALE PRICE: $6,300,000 SF: 17,500 ~ PPSF: $360 KEYS: 10 - PPK: $630,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$336,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,382.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,865.21
Annual Debt Service$358,382.57