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Marcus & Millichap Sells Centre Shops Retail Space In Longboat Key For $7.5M

Property Image
SOLD
$7,465,000

Florida

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Retail37,880 SF
Sold 01/23/2024
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Property Image
SOLD

Marcus & Millichap Sells Centre Shops Retail Space In Longboat Key For $7.5M

5370 Gulf of Mexico Drive

See Similar Deals
Retail37,880 SF
Sold 01/23/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$197
Total Square Footage:37,880 SF
Transaction Type:Sale

The Centre Shops at Longboat Key, located in Longboat Key, Florida, has been sold for $7,465,000. This retail property, spanning nearly five acres, offers 37,880 square feet of retail space. It boasts a 95% occupancy rate and is strategically positioned just steps away from the Gulf of Mexico. The sale was facilitated by James Medefind of Marcus & Millichap.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: $7,465,000
  • Address: 5370 Gulf of Mexico Drive, Longboat Key
  • Market: Longboat Key
  • Asset Type: Retail
  • Acres: 4.67

James Medefind, from Marcus & Millichap, represented the buyer in this transaction. The sale price of $7,465,000 translated to a price per square foot of $197.

Players

James Medefind
Marcus & Millichap
James Medefind
21 deals$134.2M volume
BROKER

Details

SOLD
IMAGE: James Medefind DATE: 01/23/2024 ADDRESS: 5370 Gulf of Mexico Drive MARKET: Longboat Key ASSET TYPE: Retail ~ ACRES: 4.67 BROKER: James Medefind - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $7,465,000 SF: 37,880 ~ PPSF: $197 NOTE: Centre Shops at Longboat Key, Florida, spanning nearly five acres with 37,880 square feet of retail space, has been sold by Marcus & Millichap for $7,465,000. The property, located in Manatee County, boasts a 95% occupancy rate and is strategically positioned steps away from the Gulf of Mexico.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$398,133.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$26,521.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,387.91
Annual Debt Service$424,654.90