Gatsby Enterprises Acquires Delray Beach Retail & Office Property For $30M
25 Northeast 2nd Avenue, Delray Beach, Florida 33444, United States
$30,000,000
Building Size
—
Asset Type
Retail
Closing
Aug 10, 2022
About this deal
AI
The retail and office property located at 25 & 45 Northeast Second Avenue and 220 Northeast First Street in Delray Beach has been sold. The property spans across 2.5 acres in total. The transaction took place on August 11, 2022.
Summary of transaction details
- Property Type: Retail & Office
- Transaction Amount: $30,000,000
- Square Footage: 50,000
- Price Per Square Foot: $600
- Address: 25 & 45 Northeast Second Avenue, 220 Northeast First Street, Delray Beach
- Market: Delray Beach
Gatsby Enterprises, represented by Babak Ebrahimzadeh and Nader Shalom, purchased the property from Janet and Tim Onnen. The buying entity was assisted by brokers Laura Allen and Cecelia Boone from Southdale Properties.
On the Map
$30,000,000
Retail
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Players
Delray Beach 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93