IMC Equity Group Acquires Multifamily Property In Marathon For $40M
SOLD
$40,000,000
Florida
See Similar DealsMultiFamily162,000 SF
Sold 12/15/2021
SOLD
IMC Equity Group Acquires Multifamily Property In Marathon For $40M
6973 Overseas Highway, Marathon, Florida 33050, United States
See Similar DealsMultiFamily162,000 SF
Sold 12/15/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$246
Total Square Footage:162,000 SF
Transaction Type:Sale
The multifamily property located at 6973 Overseas Hwy in Marathon has been sold for $40,000,000. The property consists of 106 units with a price per unit of $377,358. The total square footage of the property is 162,000, resulting in a price per square foot of $247. The sale was completed on 12/15/2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Address: 6973 Overseas Hwy
- Market: Marathon
- Units: 106
- Price per Unit: $377,358
- Square Footage: 162,000
- Price per Square Foot: $247
The buyer of the property is IMC Equity Group, represented by Miri Brecher. The seller, Index Investment Group, was represented by Jill Douglas from Coldwell Banker Realty.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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