Axonic Properties Acquires Multifamily Property In Naples For $20.2M
SOLD
$20,200,000
Florida
See Similar DealsMultiFamily148,090 SF
Sold 11/16/2021
SOLD
Axonic Properties Acquires Multifamily Property In Naples For $20.2M
1900 Sunshine Blvd, Naples, FL, USA
See Similar DealsMultiFamily148,090 SF
Sold 11/16/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$136
Total Square Footage:148,090 SF
Transaction Type:Sale
The multifamily property located at 1900 Sunshine Blvd in Naples was recently sold in a closed transaction. The sale took place on 11/16/2021 and the property was acquired by Axonic Properties, represented by Jonathan Shechtman and Brian Kennedy. The seller of the property was Jan Moore. Tyler Minix from Newmark served as the broker in this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Sale Price: $20,200,000
- Number of Units: 118
- Price per Unit (PPU): $171,186
- Square Footage: 148,090
- Price per Square Foot (PPSF): $136
- Market: Naples
Jonathan Shechtman and Brian Kennedy, representing Axonic Properties, played a key role as buyers in this transaction. Meanwhile, Jan Moore acted as the seller. Tyler Minix from Newmark brokered the deal. The sale of the 118-unit multifamily property marked a significant milestone in the Naples market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,077,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,766.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$95,758.31
Annual Debt Service$1,149,099.67
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