Orbvest Acquires Medical Office In West Palm Beach For $8.25M
4700 Congress Avenue
$8,250,000
$183/SF
Building Size
44,870 SF
Asset Type
Office
Closing
Dec 21, 2023
AI
A medical office located at 4700 Congress Avenue in West Palm Beach has been sold in a transaction. The property spans 44,870 square feet and was sold for a price of $8,250,000, resulting in a price per square foot of $184.
Summary of transaction details
- Property Type: Medical Office
- Transaction Amount: $8,250,000
- Address: 4700 Congress Avenue, West Palm Beach
- Market: West Palm Beach
- Buyer: Martin Freeman - Orbvest
- Seller: Andrew Greenbaum - Triple Double Real Estate
- Seller's Representative: Bastian Schauer & Mark M. Rubin - Colliers International
Martin Freeman, representing Orbvest, acted as the buyer in this transaction. On the other side, Andrew Greenbaum of Triple Double Real Estate played the role of the seller. Colliers International, represented by Bastian Schauer and Mark M. Rubin, assisted the seller in the deal.
Players
West Palm Beach 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
1.92%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93