Main Street Residential Purchases 218-Unit Multifamily Asset In Tampa For $23M
SOLD
$23,000,000
Florida
See Similar DealsMultiFamily170,674 SF
Sold 12/16/2020
SOLD
Main Street Residential Purchases 218-Unit Multifamily Asset In Tampa For $23M
4009 North Howard Avenue, Tampa, FL, USA
See Similar DealsMultiFamily170,674 SF
Sold 12/16/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$134
Total Square Footage:170,674 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,226,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81
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