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DevMar Development Sells Multifamily Property For $28.2M In St. Petersburg

Property Image
SOLD
$28,200,000

Florida

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Hotel43,001 SF
Sold 02/01/2023
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Property Image
SOLD

DevMar Development Sells Multifamily Property For $28.2M In St. Petersburg

77 11th St N St. Petersburg, FL 33705, USA

See Similar Deals
Hotel43,001 SF
Sold 02/01/2023
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Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$655
Total Square Footage:43,001 SF
Transaction Type:Sale

The multifamily property located at 77 11th Street North in St. Petersburg was recently sold for a total price of $28,200,000. The property offers a total square footage of 43,001, resulting in a price per square foot of $656. The seller of the property was DevMar Development. The transaction was facilitated by Cameron Hooper and Jad Richa from Capstone Companies. They represented the interests of the buyer and seller throughout the deal.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $28,200,000
  • Address: 77 11th Street North, St. Petersburg
  • Market: St. Petersburg
  • Square Footage: 43,001
  • Price per Square Foot: $656

The involvement of Cameron Hooper and Jad Richa from Capstone Companies played a crucial role in facilitating this transaction. Their expertise in the market and their dedication to serving their clients' best interests were key factors that contributed to the successful completion of this multifamily property sale.

Players

Jad Richa
6 deals$88M volume
BROKER

Cameron Hooper
Capstone Companies
2 deals$47.4M volume
BROKER

Details

SOLD
IMAGE: Cameron Hooper & Jad Richa DATE: 02/01/2023 ADDRESS: 77 11th Street North MARKET: St. Petersburg ASSET TYPE: Multifamily SELLER: DevMar Development BROKERS: Cameron Hooper (@Choop72) & Jad Richa (Richa_jad) - Capstone Companies (@Capstone_CRE) SALE PRICE: $28,200,000 SF: 43,001 ~ PPSF: $656 .Petersburg

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

$1,504,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$100,188.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$133,682.39
Annual Debt Service$1,604,188.64