RSE Capital Partners Acquires Multifamily Property In Tarpon Springs For $65.65M
SOLD
$65,650,000
Florida
See Similar DealsMultiFamily1,309 SF
Sold 10/20/2021
SOLD
RSE Capital Partners Acquires Multifamily Property In Tarpon Springs For $65.65M
1185 South Pinellas Avenue, Tarpon Springs, FL 34689
See Similar DealsMultiFamily1,309 SF
Sold 10/20/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$50,152
Total Square Footage:1,309 SF
Transaction Type:Sale
The multifamily property located at 1185 South Pinellas Ave in Tarpon Springs has been sold in a recent transaction. The property spans approximately 6.5 acres in size.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $65,650,000
- Number of Units: 236
- Price Per Unit: $278,179
RSE Capital Partners has acquired the property from the sellers, which include DDA Development represented by Bowen Arnold, Backstreets Capital, and Atlantic American Partners. The brokerage services for the deal were provided by Walker & Dunlop.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,501,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$233,240.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$311,214.49
Annual Debt Service$3,734,573.92
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