Miriam Berman Acquires Retail Property On South Congress Avenue In Palm Springs For $2.1M
3678 South Congress Avenue
$2,100,000
$209/SF
Building Size
10,030 SF
Asset Type
Retail
Closing
Oct 3, 2023
AI
The retail property located at 3678 South Congress Avenue in Palm Springs has been recently sold for $2,100,000. The asset spans across 10,030 square feet, resulting in a price per square foot of $209. The transaction took place between Miriam Berman, the buyer, and Jay Bailyn, the seller. The deal was facilitated by Grant Steinberg and Rob Goldberg from Matthews Real Estate Investment Services.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,100,000
- Square Footage: 10,030
- Price Per Square Foot: $209
- Address: 3678 South Congress Avenue, Palm Springs
- Market: Palm Springs
- Buyer: Miriam Berman
- Seller: Jay Bailyn
- Brokers: Grant Steinberg & Rob Goldberg - Matthews Real Estate Investment Services
The involvement of Grant Steinberg and Rob Goldberg from Matthews Real Estate Investment Services played a pivotal role in the successful completion of the retail property sale. Both brokers showcased their expertise and negotiation skills throughout the transaction, ensuring a favorable outcome for all parties involved.
Players
Palm Springs 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
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93