Altis Cardinal Acquires Office In St. Petersburg For $40M
SOLD
$40,000,000
Florida
See Similar DealsOffice52,759 SF
Sold 12/16/2021
SOLD
Altis Cardinal Acquires Office In St. Petersburg For $40M
3201 34th Street South, St. Petersburg, Florida 33711, United States
See Similar DealsOffice52,759 SF
Sold 12/16/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$758
Total Square Footage:52,759 SF
Transaction Type:Sale
The office property located at 3201 34th Street S in St. Petersburg has been sold for $40,000,000. Spanning across a total of 34 acres, this office asset offers a significant amount of space for various business operations in the area. The sale was finalized on December 16, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $40,000,000
- Address: 3201 34th Street S
- Market: St. Petersburg
- Acres: 34
Altis Cardinal, represented by Frank Guerra & Alberto Suarez, acted as the buyer in this transaction. They recognized the potential of this office property and seized the opportunity to acquire it for their business interests. The involvement of Altis Cardinal highlights their strategic approach to expanding their real estate portfolio. Frank Guerra & Alberto Suarez served as the representatives of Altis Cardinal in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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