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Stonehaven Properties Acquires Multifamily Property In New Port Richey For $19.5M

Property Image
SOLD
$19,500,000

Florida

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MultiFamily100,000 SF
Sold 02/08/2021
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Property Image
SOLD

Stonehaven Properties Acquires Multifamily Property In New Port Richey For $19.5M

5500 Main Street, New Port Richey, FL, USA

See Similar Deals
MultiFamily100,000 SF
Sold 02/08/2021
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$195
Total Square Footage:100,000 SF
Transaction Type:Sale

The multifamily property located at 5500 Main St in New Port Richey has been sold for a price of $19,500,000. The transaction took place on 02/08/2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $19,500,000
  • Address: 5500 Main St
  • Market: New Port Richey
  • Units: 80
  • Price Per Unit: $243,750

The buyer of the property is Stonehaven Properties, while the seller is McGurn Management Co. The transaction was facilitated by Joseph Thavis from CBRE.

This deal marks a significant acquisition for Stonehaven Properties in the New Port Richey market. With 80 units, the multifamily property provides ample opportunities for rental income. McGurn Management Co. decided to sell the property, opening doors for a lucrative investment opportunity. Joseph Thavis from CBRE represented Stonehaven Properties in this transaction, showcasing his expertise in facilitating successful real estate deals.

Players

Joseph Thavis
CBRE
Joseph Thavis
3 deals$49.7M volume
BROKER

Details

SOLD
IMAGE: Joseph Thavis DATE: 02/08/2021 ADDRESS: 5500 Main St MARKET: New Port Richey ASSET TYPE: Multifamily BUYER: Stonehaven Properties SELLER: McGurn Management Co. BROKER: Joseph Thavis - CBRE PRICE: $19,500,000 UNITS: 80 ~ PPU: $243,750

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$1,039,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$69,279.39
Cash-on-Cash Return-1.27%
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