Main Street Residential Acquires Multifamily Property In Jacksonville For $13.13M
SOLD
$13,130,000
+ 1
Florida
See Similar DealsMultiFamily74,464 SF
Sold 02/26/2021
SOLD
Main Street Residential Acquires Multifamily Property In Jacksonville For $13.13M
8715 Belle Rive Blvd, Jacksonville, FL, USA
See Similar DealsMultiFamily74,464 SF
Sold 02/26/2021
+ 1
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$176
Total Square Footage:74,464 SF
Transaction Type:Sale
Main Street Residential has acquired a multifamily property located at 8715 Belle Rive Blvd in Jacksonville. The transaction, which took place on February 26, 2021, was facilitated by the real estate firm KRI Properties. The property consists of 104 units, selling at a price of $13,130,000, with a price per unit of $126,250.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $13,130,000
- Date: 02/26/2021
- Address: 8715 Belle Rive Blvd
- Market: Jacksonville
The transaction was brokered by Cliff Taylor, Joe Ayers, Michael Regan, and Francesco Carriera from CBRE. They represented both the buyer, Main Street Residential, and the seller, KRI Properties.
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$700,266.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,648.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$62,242.90
Annual Debt Service$746,914.78
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