Michael M. Burke Acquires Apartment In Saint Petersburg, FL For $3.3M
SOLD
$3,300,000
Florida
See Similar DealsMultiFamily6,390 SF
Sold 04/08/2022
SOLD
Michael M. Burke Acquires Apartment In Saint Petersburg, FL For $3.3M
326 8th Avenue Northeast, St. Petersburg, Florida 33701, United States
See Similar DealsMultiFamily6,390 SF
Sold 04/08/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$516
Total Square Footage:6,390 SF
Transaction Type:Sale
Located at 326 8th Ave NE in Saint Petersburg, FL, this apartment building was recently sold in a closed transaction. The property spans 6,390 square feet and sold for a total price of $3,300,000, resulting in a price per square foot of $516.
Summary of Transaction Details
- Property Type: Apartment
- Transaction Amount: $3,300,000
- Address: 326 8th Ave NE, Saint Petersburg, FL
- Market: Saint Petersburg, FL
The buyer in this transaction was Michael M. Burke, while the seller was John P Abel Jr. Both parties, represented by their brokers, successfully completed the sale of this apartment building.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$175,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20
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