Jebco Ventures And Kauffman Family Partnership Acquire Former Michael Saunders & Co. Headquarters In Downtown Sarasota For $5.7M
1801 Main Street, 32 North Osprey Avenue & 40 North Osprey Avenue
$5,700,000
Building Size
—
Asset Type
Office
Closing
Sep 21, 2023
About this deal
AI
The former Michael Saunders & Co. headquarters in downtown Sarasota has been sold to Sarasota developers Jebco Ventures and the Kauffman Family Partnership for $5.7 million. The property, located at 1801 Main Street and 32 & 40 North Osprey Avenue, spans 0.71 acres. The specific plans for the property have not been disclosed. This acquisition comes at a time when the area is experiencing significant growth, with major development projects like One Main Plaza and Sota contributing to the region's burgeoning potential.
Summary of Transaction Details
- Property Type: Office
- Sale Price: $5,700,000
- Address: 1801 Main Street, 32 & 40 North Osprey Avenue
- Market: Sarasota
- ACRES: 0.71
Jebco Ventures and the Kauffman Family Partnership were the buyers in this transaction. This deal marks their investment in the former Michael Saunders & Co. headquarters, positioning themselves in the heart of downtown Sarasota. With the property's prime location and the area's ongoing development projects, the buyers foresee potential growth and opportunities for their future endeavors.
Players
Sarasota Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93