facebook
Traded Co logo
Submit

Ironside Capital Acquires 100% Occupied Office Property In West Palm Beach For $6.2M

Property Image
SOLD
$6,201,000

Florida

See Similar Deals
Office18,300 SF
Sold 09/16/2024
the dealplayerscompscontact
Property Image
SOLD

Ironside Capital Acquires 100% Occupied Office Property In West Palm Beach For $6.2M

1621 South Congress Avenue

See Similar Deals
Office18,300 SF
Sold 09/16/2024
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$338
Total Square Footage:18,300 SF
Transaction Type:Sale

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

Drew Neems
NorthMarq
Drew Neems
9 deals$45.4M volume(847) 284-0493
BROKER

Details

SOLD
IMAGE: Drew Neems DATE: 09/16/2024 ADDRESS: 1621 South Congress Avenue MARKET: West Palm Beach ASSET TYPE: Office BUYER: Ironside Capital BROKER: Drew Neems (@Newdreems) - NorthMarq (@NorthMarq) SALE PRICE: $6,201,000 SF: 18,300 ~ PPSF: $338 NOTE FROM BROKER: Northmarq’s Miami office led by Drew Neems facilitated the sale of the 100% occupied 18,340 SF multi-tenant MOB and ambulatory surgery center located in W Palm Beach. The 2-story property is NNN leased to 4 medical tenants, and anchored by the nation’s largest Pediatric Dental Ambulatory Surgery Center group.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$330,720.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$22,030.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,395.90
Annual Debt Service$352,750.84