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Marcus & Millichap Sells Port Richey Retail Property For $7.65M

Property Image
SOLD
$7,650,000
James Medefind
James Garner
+ 1

Florida

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Retail82,820 SF
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Property Image
SOLD

Marcus & Millichap Sells Port Richey Retail Property For $7.65M

11932 US Highway 19, Port Richey, FL 34668

See Similar Deals
Retail82,820 SF
Sold
James Medefind
James Garner
+ 1
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$92
Total Square Footage:82820 SF
Transaction Type:Sale

A retail property located at 11932 U.S. Highway 19 in Port Richey has been sold for a price of $7,650,000. The property spans across approximately 5.97 acres and offers a total square footage of 82,820. The transaction took place on October 24, 2022.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $7,650,000
  • Address: 11932 U.S. Highway 19, Port Richey
  • Market: Port Richey
  • Acres: 5.97

The sale was facilitated by James Medefind, Jim Shiebler, James Garner, and Jonathan Gerszberg from Marcus & Millichap. They served as the brokers in the deal.

The property at 11932 U.S. Highway 19 in Port Richey offers an attractive opportunity in the retail market. With a sizable footprint of 5.97 acres and a substantial square footage of 82,820, this property possesses significant potential for various retail ventures. The involvement of well-experienced brokers from Marcus & Millichap enhances the credibility of the transaction and adds value to the deal.

Players

James Garner
16 deals$102.3M volume
BROKER

James Medefind
Marcus & Millichap
21 deals$134.2M volume
BROKER

Jim Shiebler
CBRE
20 deals$139.9M volume
BROKER

Jonathan Gerszberg
Marcus & Millichap
9 deals$76.4M volume
BROKER

Details

SOLD
IMAGE: James Medefind, James Garner, Jim Shiebler & Jonathan Gerszberg DATE: 10/24/2022 ADDRESS: 11932 U.S. Highway 19 MARKET: Port Richey ASSET TYPE: Retail ~ ACRES: 5.97 BROKERS: James Medefind, Jim Shiebler, James Garner & Jonathan Gerszberg (@Dr_Jonny_G) - Marcus & Millichap (@MarcusMillichap_Fl) SALE PRICE: $7,650,000 SF: 82,820 ~ PPSF: $92

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

$408,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$27,178.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,264.90
Annual Debt Service$435,178.83