QI For OX Inc. & QI For MHS Far Hills Ltd. Acquires Retail Center In Sanibel For $2.35M
2400 Palm Ridge Rd Sanibel, FL 33957, USA
$2,350,000
$261/SF
Building Size
9,000 SF
Asset Type
Retail
Closing
Jul 19, 2023
AI
A retail commercial center in Sanibel was sold for $2.35 million. The property, located at 2400 Palm Ridge Road, spans 9,000 square feet and was represented by Michael J. Frye, CCIM for the seller, Arthur and Sandra Corace. The buyer, QI for OX Inc. and QI for MHS Far Hills Ltd., was represented by Zachary Hanson and Joe Crimaldi.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $2,350,000
- Square Footage: 9,000
- Address: 2400 Palm Ridge Road
- Market: Sanibel
- Buyer: QI for OX Inc. & QI for MHS Far Hills Ltd.
- Seller: Arthur & Sandra Corace
- Buyer's Rep: Zachary Hanson - Cornerstone Coastal Properties; Joe Crimaldi - Crimaldi & Associates
- Seller's Rep: Michael J. Frye - Frye Commercial Group - RE/MAX Realty Group
The acquisition of the retail commercial center was facilitated by a team of brokers. Michael J. Frye, CCIM acted as the seller's representative, while Zachary Hanson and Joe Crimaldi represented the buyer, QI for OX Inc. and QI for MHS Far Hills Ltd.
Players
Miami 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
6.75%
Cash-on-Cash
-1.93%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93