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Demetree Real Estate Acquires Mixed-Use Properties In Winter Park For $20.6M

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SOLD
$20,600,000

Florida

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Mixed-use
Sold 11/03/2023
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SOLD

Demetree Real Estate Acquires Mixed-Use Properties In Winter Park For $20.6M

362 Pennsylvania Avenue & 444 New England Avenue

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Mixed-use
Sold 11/03/2023
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Summary

FLORIDA
Asset Type:Mixed-use
Transaction Type:Sale

Demetree Real Estate Services in Winter Park has purchased properties within The Plaza at Hannibal Square mixed-use project for $20.6 million. The properties include a four-story building with 14 apartments and retail space at 362 S. Pennsylvania Ave., and a three-story office and retail building at 444 W. New England Ave. These properties were previously sold in September 2014 for a combined $15 million.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $20,600,000
  • Buyer: Demetree Real Estate Services - Mary Demetree
  • Seller: Owens Realty Services - Robert Owens
  • Market: Winter Park

Demetree Real Estate Services, represented by Mary Demetree, completed the acquisition of the properties from Owens Realty Services, represented by Robert Owens. The purchase price for the properties was $20.6 million. This transaction represents a significant investment by Demetree Real Estate Services in the Winter Park market, adding to their portfolio within The Plaza at Hannibal Square mixed-use project.

Players

3 deals$50.9M volume
SELLER

Details

SOLD
IMAGE: Mary Demetree & Robert Owens DATE: 11/03/2023 ADDRESS: 362 Pennsylvania Avenue & 444 New England Avenue MARKET: Winter Park ASSET TYPE: Mixed-use BUYER: Demetree Real Estate Services - Mary Demetree SELLER: Owens Realty Services (@OwensRealtyServices) - Robert Owens SALE PRICE: $20,600,000 NOTE: Demetree Real Estate Services in Winter Park has purchased properties within The Plaza at Hannibal Square mixed-use project for $20.6 million. The properties include a four-story building with 14 apartments and retail space at 362 S. Pennsylvania Ave., and a three-story office and retail building at 444 W. New England Ave. These properties were previously sold in September 2014 for a combined $15 million.

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

$1,098,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$73,187.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$97,654.51
Annual Debt Service$1,171,854.12