Philip Braunstein Acquires West Palm Beach Office Building For $35M
SOLD
$35,000,000
Florida
See Similar DealsOffice116,627 SF
Sold 02/17/2022
SOLD
Philip Braunstein Acquires West Palm Beach Office Building For $35M
450 South Australian Avenue, West Palm Beach, Florida 33401, United States
See Similar DealsOffice116,627 SF
Sold 02/17/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$300
Total Square Footage:116,627 SF
Transaction Type:Sale
The office building located at 450 S Australian Ave, 400 S Australian Ave, and 1010 Clearwater Pl in West Palm Beach, FL has been sold. The transaction took place on February 17, 2022.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $35,000,000
- Size: 116,627 square feet
- Price per Square Foot: $300
- Address: 450 S Australian Ave, 400 S Australian Ave, 1010 Clearwater Pl, West Palm Beach, FL
- Market: West Palm Beach, FL
The buyer of the property is Philip Braunstein, and the seller is Steven Levin.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$124,347.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$165,917.86
Annual Debt Service$1,991,014.27
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