DIR Development Acquires Office Building In Palm Springs For $5M
1620 South Congress Avenue, Palm Springs, FL, USA
$5,000,000
$271/SF
Building Size
18,400 SF
Asset Type
Office
Closing
Jun 17, 2020
About this deal
AI
DIR Development has acquired an office property located at 1620 S Congress Ave in Palm Springs. The property, with a total area of 18,400 square feet, was sold by Plastic Surgery of Palm Beach for a sale price of $5,000,000. The transaction took place on June 17, 2021. The office is situated in the Palm Springs market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $5,000,000
- Address: 1620 S Congress Ave
- Market: Palm Springs
- Buyer: DIR Development
- Seller: Plastic Surgery of Palm Beach
- Buyer's Representative: Drew Neems - Imperial Realty
- Seller's Representative: Brett Buchwald - Ackerman Medical
- Square Footage: 18,400
- Price per Square Foot: $272
Drew Neems from Imperial Realty and Theron May were the buyer's representatives in the deal, while Brett Buchwald represented the seller, Plastic Surgery of Palm Beach.
On the Map
$5,000,000
$271/SF
Office
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Players
Palm Springs Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93