1325 Gateway Acquires Office Property In Lakeland For $9.8M
SOLD
$9,800,000
Florida
See Similar DealsOffice138,894 SF
Sold 11/02/2020
SOLD
1325 Gateway Acquires Office Property In Lakeland For $9.8M
402 South Kentucky Avenue, Lakeland, FL, USA & 402 South Kentucky Avenue, Lakeland, FL, USA
See Similar DealsOffice138,894 SF
Sold 11/02/2020
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$70
Total Square Footage:138,894 SF
Transaction Type:Sale
Located at 402 S. Kentucky Avenue in Lakeland, this office property was recently sold in a transaction. The sale was facilitated by Douglas Mandel and Jaclyn Blair from Marcus & Millichap. The property spans a total of 69,447 square feet and was sold for a price of $9,800,000. The buyer of the property was 1325 Gateway, represented by Douglas Mandel and Jaclyn Blair.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $9,800,000
- Square Footage: 69,447
- Address: 402 S. Kentucky Avenue
- Market: Lakeland
This transaction represents a significant investment in the office market. The property was successfully sold through the efforts of Douglas Mandel and Jaclyn Blair from Marcus & Millichap, who represented the buyer, 1325 Gateway.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$522,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$34,817.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,457.00
Annual Debt Service$557,484.00
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