Marcus & Millichap Sells Twin Peaks Restaurant In Sarasota For $5M
3110 Fruitville Commons Boulevard
$5,000,000
$581/SF
Building Size
8,600 SF
Asset Type
Retail
Closing
Oct 4, 2023
About this deal
AI
Marcus & Millichap has sold Twin Peaks, an 8,600-square-foot restaurant in Sarasota, Florida, for $5 million. The property is situated at 3110 Fruitville Commons Boulevard on a 1.03-acre lot. It was constructed in 2023 and features a 20-year corporate NNN lease. Twin Peaks is strategically located near Interstate-75 and is surrounded by national retailers, benefiting from the area's affluent retired population.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $5,000,000
- Address: 3110 Fruitville Commons Boulevard
- Market: Sarasota
- Acres: 1.03
The sale of Twin Peaks was facilitated by Ronnie Issenberg, Gabriel Britti, and Ricardo Esteves of Marcus & Millichap. These brokers played a pivotal role in ensuring the successful completion of the transaction.
Players
Sarasota 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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93