Private Investor Acquires Fort Myers Retail Property For $6.6 Million From Stock Development
13671 Olympic Court
$6,600,000
$619/SF
Building Size
10,653 SF
Asset Type
Retail
Closing
Aug 27, 2024
AI
The property asset sold is located at 13671 Olympic Court in the Fort Myers market. The sale was completed for a total amount of $6,600,000. This retail asset encompasses a total of 10,653 square feet and is situated on a 2.16-acre parcel of land.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,600,000
- Square Footage: 10,653
- Price per Square Foot: $620
- Seller: Stock Development
- Brokers: Britt Raymond & Kyle Fant - SRS Real Estate Partners
- Buyer: Private investor from Kimball, Michigan
- Date of Transaction: 08/27/2024
The sale included the transfer of retail space housing Cooper’s Hawk Winery & Restaurant, which retains its 15-year lease. This transaction was part of a 1031 Exchange, highlighting a strategic investment move by the private buyer.
Players
Fort Myers Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.40%
Cash-on-Cash
-0.69%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93