1325 Gateway Acquires Office Property In Lakeland For $9.8M
402 South Kentucky Avenue, Lakeland, FL, USA & 402 South Kentucky Avenue, Lakeland, FL, USA
$9,800,000
$70/SF
Building Size
138,894 SF
Asset Type
Office
Closing
Nov 1, 2020
AI
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.
Players
Lakeland 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
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93