Ironside Capital Acquires 100% Occupied Office Property In West Palm Beach For $6.2M
1621 South Congress Avenue
$6,201,000
$338/SF
Building Size
18,300 SF
Asset Type
Office
Closing
Sep 16, 2024
AI
The property located at 1621 South Congress Avenue in West Palm Beach consists of a 2-story office building with a total square footage of 18,340. The asset was fully leased to four medical tenants, highlighted by its anchoring of the largest Pediatric Dental Ambulatory Surgery Center group in the nation. The total sale price for this transaction was $6,201,000, resulting in a price per square foot of $338.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $6,201,000
- Buyer: Ironside Capital
- Broker: Drew Neems - NorthMarq
- Market: West Palm Beach
- Square Footage: 18,340
- Price Per Square Foot: $338
The sale was facilitated by Drew Neems from NorthMarq’s Miami office, which played a pivotal role in the transaction process. The property was highlighted for its 100% occupancy status and its use as a multi-tenant medical office building, including an ambulatory surgery center.
Players
Palm Springs Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93