Updated Oct 29, 2024
Main Street Residential Purchases 218-Unit Multifamily Asset In Tampa For $23M
4009 North Howard Avenue, Tampa, FL, USA
$23,000,000
$134/SF
Building Size
170,674 SF
Asset Type
MultiFamily
Closing
Dec 15, 2020
About this deal
AI
Main Street Residential has acquired a multifamily property located at 4009 North Howard Avenue in Tampa. The transaction, which took place on December 16, 2020, was facilitated by Jason Stanton and Cole Whitaker of Berkadia on behalf of the buyer. The seller, KCB Real Estate Management LLC, successfully closed the deal.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $23,000,000
- Address: 4009 North Howard Avenue, Tampa
- Market: Tampa
- Buyer: Main Street Residential
- Seller: KCB Real Estate Management LLC
- Brokers: Jason Stanton & Cole Whitaker - Berkadia
- Units: 218
- Price per Unit (PPU): $105,505
Jason Stanton and Cole Whitaker of Berkadia played a crucial role in facilitating the successful acquisition of the multifamily property on behalf of Main Street Residential. Their expertise and dedication ensured the smooth completion of the deal, which resulted in the addition of 218 units to Main Street Residential's portfolio in Tampa.
On the Map
$23,000,000
$134/SF
MultiFamily
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Players
Tampa MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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About $134 per square foot on a published $23M for 170,674 square feet (2020).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93