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Manatee County Acquires Office Building In Bradenton From Sarasota LLC For $4.4M
SOLD
$4,400,000
Florida
See Similar DealsOffice17,000 SF
Sold 07/17/2024
SOLD
Manatee County Acquires Office Building In Bradenton From Sarasota LLC For $4.4M
616 67th Street Circle East
See Similar DealsOffice17,000 SF
Sold 07/17/2024
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$258
Total Square Footage:17,000 SF
Transaction Type:Sale
Manatee County purchased an office property located at 616 67th Street in Bradenton for $4.4 million. The asset spans 17,000 square feet and has been occupied by the Sheriff's Office District 3 since 2015, highlighting its longstanding use in public service.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $4,400,000
- Square Footage: 17,000
- Price Per Square Foot: $259
- Buyer: Manatee County
- Seller: Sarasota LLC
- Broker: Tony Veldkamp - SVN Commercial Advisory Group
- Market: Bradenton
- Sale Date: 07/17/2024
This transaction was facilitated by SVN Commercial Advisory Group, with approval from county commissioners secured on May 14. The deal did not require a market listing prior to the sale.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$234,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,632.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,858.24
Annual Debt Service$250,298.94
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