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Steven Michael Acquires Office Property In Delray Beach For $1.23M

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SOLD
$1,226,350

Florida

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Office5,095 SF
Sold 02/16/2024
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Property Image
SOLD

Steven Michael Acquires Office Property In Delray Beach For $1.23M

990 South Congress Avenue

See Similar Deals
Office5,095 SF
Sold 02/16/2024
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$240
Total Square Footage:5,095 SF
Transaction Type:Sale

The office property located at 990 South Congress Avenue in Delray Beach was sold for $1,226,350 at a price per square foot of $241. The transaction took place on 02/16/2024, with Steven Michael purchasing the 5,095 square foot asset from Jennifer Consolver. The deal was facilitated by brokers Cleveland Sainpreux, Elon Gerberg, and Adam H. Klein from SVN Commercial Partners.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $1,226,350
  • Buyer: Steven Michael
  • Seller: Jennifer Consolver
  • Brokers: Cleveland Sainpreux, Elon Gerberg, and Adam H. Klein - SVN Commercial Partners
  • Market: Delray Beach
  • Square Footage: 5,095

Cleveland Sainpreux, Elon Gerberg, and Adam H. Klein played crucial roles in representing both the buyer and the seller during the property transaction. The asset was sold at a 2.19% cap rate, with each party's interests being effectively managed throughout the deal. For additional information or inquiries, interested parties can reach out to the ROI Group at SVN Commercial Partners through the provided contacts.

Players

Adam H. Klein
38 deals$129.8M volume(516) 445-3070
BROKER

Elon Gerberg
39 deals$144.2M volume(954) 299-9556
BROKER

Cleveland Sainpreux
SVN
11 deals$28.9M volume(954) 661-4170
BROKER

Details

SOLD
IMAGE: Steven Michael, Adam H. Klein, Elon Gerberg & Cleveland Sainpreux DATE: 02/16/2024 ADDRESS: 990 South Congress Avenue MARKET: Delray Beach ASSET TYPE: Office BUYER: Steven Michael (@DesignDelray) SELLER: Jennifer Consolver BROKERS: Cleveland Sainpreux (@ClevelandSainpreux), Elon Gerberg (@EdGofroi) & Adam H. Klein (@AdamhKlein.RoiGroup) - SVN Commercial Partners (@SVN_CommercialPartners) SALE PRICE: $1,226,350 SF: 5,095 ~ PPSF: $241 NOTE FROM BROKERS: Cleveland Sainpreux, Elon Gerberg, and Adam H. Klein represented the seller and the buyer in the transaction. The property sold for $241/psf at a 2.19% cap rate. For more information, interested parties can contact the ROI Group at SVN Commercial Partners, specifically Cleveland Sainpreux ([email protected], 561.485.1655), Elon Gerberg ([email protected], 561.485.1129), or Adam H. Klein ([email protected], 516.445.3070). Follow us for exclusive listings and commercial real estate investment sales tips - https://linktr.ee/roigroupofsvn

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$65,405.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,356.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,813.52
Annual Debt Service$69,762.30