Updated Dec 4, 2024
Alvaro Torres Buys Former Ragazzi’s Property In Garner For $2.5M
1514 US Route 70
$2,500,000
$465/SF
Building Size
5,369 SF
Asset Type
Retail
Closing
Apr 24, 2024
About this deal
AI
The retail property located at 1514 US Route 70 in Garner, NC, was sold for $2.5 million on April 24. Spanning 5,369 square feet, the asset was acquired by Alvaro Torres from Ragazzi’s Real Estate LLC.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $2,500,000
- Address: 1514 US Route 70
- Market: Garner, NC
- Square Footage: 5,369
- Buyer: Alvaro Torres
- Seller: Ragazzi’s Real Estate LLC
- Brokers: Christina Coffey & Moss Withers - Lee & Associates
- Price Per Square Foot: $466
Alvaro Torres, the purchaser of the property, is the owner of the local Mexican restaurant chain El Tapatio. The former Ragazzi’s property in Garner, primarily an Italian restaurant, will now undergo a transformation under the new ownership facilitated by Lee & Associates, specifically Moss Withers and Christina Coffey.
Players
Garner 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
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93