Menin Development Acquires Hotel In Delray Beach From Crane Family For $10M
SOLD
$10,000,000
Florida
See Similar DealsHotel16,612 SF
Sold 11/04/2021
SOLD
Menin Development Acquires Hotel In Delray Beach From Crane Family For $10M
82 Gleason Street, Delray Beach, FL 33483
See Similar DealsHotel16,612 SF
Sold 11/04/2021
Summary
FLORIDA
Asset Type:Hotel
Price Per Square Foot:$602
Total Square Footage:16,612 SF
Transaction Type:Sale
The hotel located at 82 Gleason St in Delray Beach was recently sold for $10,000,000. The transaction was completed on November 4, 2021. The property features 28 keys and the price per key was $357,143.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $10,000,000
- Address: 82 Gleason St, Delray Beach
- Date: November 4, 2021
- Keys: 28
- Price Per Key: $357,143
The buyer of the hotel was Menin Development, represented by Jordana Jarjura and Craig Menin. On the other hand, the seller of the property was the Crane Family. The lender involved in the transaction was Northeastern Bank.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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