Michael Saba Jr. & Michael Saba Sr. Acquire Retail Property In North Palm Beach For $6.3M
420 US Route 1, North Palm Beach, Florida 33408, United States
$6,300,000
$261/SF
Building Size
24,095 SF
Asset Type
Retail
Closing
Jun 21, 2022
AI
The retail property located at 420 US-1 in North Palm Beach has been sold for a price of $6,300,000. The transaction took place on June 22, 2022, and the property spans a total of 24,095 square feet. The sale price per square foot comes out to be $261. The property is a part of the market in North Palm Beach, making it a valuable asset in the retail sector.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $6,300,000
- Address: 420 US-1, North Palm Beach
- Market: North Palm Beach
Michael Saba Jr. and Michael Saba Sr. have purchased the property from ICV NPB, represented by Paul Sprayregen. The buyer's representative in this transaction was David Donnellan from CBRE. The involvement of these key individuals and companies played a crucial role in the deal.
Players
North Palm Beach 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
2.52%
Cash-on-Cash
-0.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93