Corry Oakes Of OTO Development Acquires Hotel In Fort Walton For $23.6M
SOLD
$23,620,100
Florida
See Similar DealsHotel61,380 SF
Sold 02/28/2022
SOLD
Corry Oakes Of OTO Development Acquires Hotel In Fort Walton For $23.6M
380 Santa Rosa Boulevard, Fort Walton Beach, Florida 32548, United States
See Similar DealsHotel61,380 SF
Sold 02/28/2022
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$384
Total Square Footage:61,380 SF
Transaction Type:Sale
A hotel located at 380 Santa Rosa Blvd in Fort Walton has been sold for a price of $23,620,100. The property covers an area of 61,380 square feet, with a price per square foot of $385. The sale took place on February 28, 2022.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $23,620,100
- Address: 380 Santa Rosa Blvd, Fort Walton
- Market: Fort Walton
The buyer of the hotel is Corry Oakes from OTO Development, while the seller is Bruce McAlpin. The deal was facilitated by brokers David Altman, Robert Hunter, and Leo Reilly from Marcus & Millichap.
It's worth noting that the hotel consists of 100 keys, with a price per key of $236,201. This transaction showcases the robust hotel market in Fort Walton.
Players
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,259,738.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$83,917.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$111,971.32
Annual Debt Service$1,343,655.89
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