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
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.
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