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Millan Enterprises Acquires St. Petersburg Retail Property For $3.1M

Property Image
SOLD
$3,100,000

Florida

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Retail16,146 SF
Sold 01/19/2022
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Property Image
SOLD

Millan Enterprises Acquires St. Petersburg Retail Property For $3.1M

11270 4th Street North, St. Petersburg, Florida 33716, United States

See Similar Deals
Retail16,146 SF
Sold 01/19/2022
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$192
Total Square Footage:16,146 SF
Transaction Type:Sale

A retail property located at 11270 4th St. N in St. Petersburg has been sold for a price of $3,100,000. The property spans an area of 16,146 square feet, resulting in a price per square foot of $192. The transaction took place between the buyer, Millan Enterprises, and the seller, ICORR Properties. The deal was facilitated by Mark Shellabarger and Ari Ravi from CBRE.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $3,100,000
  • Square Footage: 16,146
  • Price Per Square Foot: $192
  • Address: 11270 4th St. N
  • Market: St. Petersburg

Mark Shellabarger and Ari Ravi from CBRE played critical roles in representing the buyer and seller in this retail property transaction. Their expertise and negotiation skills contributed to the successful completion of the deal.

Players

Mark Shellabarger
9 deals$73.4M volume
BROKER

Ari Ravi
Ripco
19 deals$217.9M volume
BROKER

Details

SOLD
IMAGE: Mark Shellabarger & Ari Ravi DATE: 01/19/2022 ADDRESS: 11270 4th St. N MARKET: St. Petersburg ASSET TYPE: Retail BUYER: Millan Enterprises SELLER: ICORR Properties BROKERS: Mark Shellabarger & Ari Ravi - CBRE SALE PRICE: $3,100,000 SF: 16,146 ~ PPSF: $192

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

$165,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,013.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,695.58
Annual Debt Service$176,346.98