Seagate Development Group Acquires Mixed-Use Asset In Naples For $11.8M
SOLD
$11,800,000
Florida
See Similar DealsMixed-use50,000 SF
Sold 01/04/2022
SOLD
Seagate Development Group Acquires Mixed-Use Asset In Naples For $11.8M
4947 Tamiami Trail North, Naples, Florida 34103, United States
See Similar DealsMixed-use50,000 SF
Sold 01/04/2022
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$236
Total Square Footage:50,000 SF
Transaction Type:Sale
A mixed-use property located at 4947 Tamiami Trail N in Naples has been sold for $11,800,000. The property spans 50,000 square feet, resulting in a price per square foot of $236. The sale was completed on January 4, 2022. The transaction involved the buyer, Seagate Development Group, and the seller, Naples Venture I Inc. David Stevens & Robert Carroll of Investment Properties Corp. represented the buyer, while Marc Zampell of Nationwide Residential & Commercial Real Estate Inc. represented the seller.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $11,800,000
- Square Footage: 50,000
- Price per Square Foot: $236
- Address: 4947 Tamiami Trail N, Naples
- Market: Naples
Detailed representation was provided by David Stevens & Robert Carroll from Investment Properties Corp. on behalf of the buyer, Seagate Development Group. Marc Zampell from Nationwide Residential & Commercial Real Estate Inc. represented the seller, Naples Venture I Inc.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$629,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$41,922.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$55,938.02
Annual Debt Service$671,256.24
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