WMG Development Acquires 1.08 Acre Office Property In Sarasota For $24M, Represented By Curtis Frost
SOLD
$24,000,000
Florida
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Sold 01/10/2023
SOLD
WMG Development Acquires 1.08 Acre Office Property In Sarasota For $24M, Represented By Curtis Frost
1390 Main Street, Sarasota, Florida 34236, United States
See Similar DealsOffice
Sold 01/10/2023
Summary
FLORIDA
Asset Type:Office
Transaction Type:Sale
1390 Main Street in Sarasota was recently sold in a transaction overseen by Ian Black Real Estate. The property, which spans 1.08 acres, was purchased by WMG Development for a total sale price of $24,000,000.
Summary of transation details
- Property Type: Office
- Transaction Amount: $24,000,000
- Date: 01/10/2023
- Address: 1390 Main Street, Sarasota
- Market: Sarasota
The deal was facilitated by Curtis Frost of WMG Development, and the buyer was represented by Steve Horn, Jag Grewal, and Jeremy Dee. They worked alongside Ian Black Real Estate to finalize the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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