Shree Sai Properties LLC Acquires Deerfield Beach Hotel For $5.7M
100 SW 12th Ave, Deerfield Beach, FL 33442, USA
$5,700,000
$71/SF
Building Size
79,610 SF
Asset Type
Other
Closing
Sep 24, 2020
About this deal
AI
Shree Sai Properties LLC, represented by Ketankumar "Ketan" K. Patel, has acquired a hotel asset in Deerfield Beach. The property, located at 100 Southwest 12th Avenue, was sold by CorePoint Lodging, with Keith A. Cline acting as the seller's representative. The transaction took place on September 25, 2020, for a total price of $5,700,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $5,700,000
- Address: 100 Southwest 12th Avenue
- Market: Deerfield Beach
- Square Footage: 79,610
- Price Per Square Foot: $72
- Number of Units: 79
- Price Per Unit: $72,000
The buyers, Shree Sai Properties LLC, saw potential in the hotel asset and decided to make the purchase. The property offers 79 units with a total square footage of 79,610. The transaction price per square foot was $72, resulting in a unit price of $72,000. The deal was facilitated by Ketankumar "Ketan" K. Patel, representing Shree Sai Properties LLC, and Keith A. Cline, representing CorePoint Lodging.
Players
Deerfield Beach Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93