Adam Neumann Acquires Retail Property In Fort Lauderdale For $17 Million
SOLD
$17,000,000
+ 2
Florida
See Similar DealsRetail16,500 SF
Sold 02/18/2022
SOLD
Adam Neumann Acquires Retail Property In Fort Lauderdale For $17 Million
301 Southwest 1st Avenue, Fort Lauderdale, Florida 33301, United States
See Similar DealsRetail16,500 SF
Sold 02/18/2022
+ 2
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$1,030
Total Square Footage:16,500 SF
Transaction Type:Sale
The retail property located at 301 SW 1st Ave in Fort Lauderdale has been sold for a price of $17,000,000. The transaction took place on February 18, 2022. The property spans a total area of 17,084 square feet and is valued at $995 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $17,000,000
- Date: 02/18/2022
- Address: 301 SW 1st Ave
- Market: Fort Lauderdale
- SF: 17,084
- PPSF: $995
The buyer of the property is Adam Neumann, while the sellers are Scott Sherman and Dev Motwani. The deal was facilitated by Tyler S. Kuhlman and Douglas K. Mandel of Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$60,397.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$80,588.67
Annual Debt Service$967,064.08
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