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Gatsby Enterprises Acquires Delray Beach Retail & Office Property For $30M

Property Image
SOLD
$30,000,000
Laura Allen
Cecelia Boone
Babak Ebrahimzadeh
+ 1

Florida

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Retail
Sold 08/11/2022
the dealplayerscompscontact
Property Image
SOLD

Gatsby Enterprises Acquires Delray Beach Retail & Office Property For $30M

25 Northeast 2nd Avenue, Delray Beach, Florida 33444, United States

See Similar Deals
Retail
Sold 08/11/2022
Laura Allen
Cecelia Boone
Babak Ebrahimzadeh
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Transaction Type:Sale

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.

Players

Laura Allen
Southdale Properties
Laura Allen
1 deal$30M volume
BROKER
Cecelia Boone
Southdale Properties
Cecelia Boone
1 deal$30M volume
BROKER
Babak Ebrahimzadeh
Gatsby Enterprises
Babak Ebrahimzadeh
8 deals$111.1M volume
BUYER
NS
Gatsby Enterprises
Nader Shalom
2 deals$47.5M volume
BUYER

Details

SOLD
IMAGE: Babak Ebrahimzadeh DATE: 08/11/2022 ADDRESS: 25 & 45 Northeast Second Avenue, 220 Northeast First Street MARKET: Delray Beach ASSET TYPE: Retail & Office ~ ACRES: 2.5 BUYER: Gatsby Enterprises - Babak Ebrahimzadeh & Nader Shalom SELLER: Janet & Tim Onnen BROKERS: Laura Allen & Cecelia Boone - Southdale Properties SALE PRICE: $30,000,000 SF: 50,000 ~ PPSF: $600

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

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66