Third Lake Partners Acquires Hotel In St. Petersburg For $6.35M
711 3rd Avenue South, St. Petersburg, Florida 33701, United States
$6,350,000
$226,785/SF
Building Size
28 SF
Asset Type
Hotel
Closing
Jun 1, 2023
AI
A hotel located at 711 3rd Ave. S in St. Petersburg has been sold for a total of $6,350,000. The property, owned by F212 Holdings LLC, was purchased by Third Lake Partners, represented by Ken Jones.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $6,350,000
- Address: 711 3rd Ave. S, St. Petersburg
- Market: St. Petersburg
Ken Jones, acting on behalf of Third Lake Partners, acquired the hotel from F212 Holdings LLC. The transaction included 74 keys, with an average price per key of $85,810. The total square footage of the hotel is 28,548, resulting in a price per square foot of $222.
Players
Saint Petersburg 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
2.50%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93