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3678 South Congress Avenue

Miriam Berman Acquires Retail Property On South Congress Avenue In Palm Springs For $2.1M
SOLDRetail

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

Rob Goldberg

Matthews

Broker

$107.3M

vol

25 deals

Broker

Jay Bailyn

Seller

$36M

vol

5 deals

Seller

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